Oxbotica, a developer of autonomous vehicle (AV) software, has raised $47m through a Series B funding round led by bp ventures.

The funding is expected to speed up the commercial deployment of Oxbotica’s AV software platform across several industries and core markets.

Besides bp ventures, the funding round saw participation from BGF, Halma, HostPlus, IP Group, Tencent, Venture Science, and funds advised by Doxa Partners.

Oxbotica claimed that with its financial and strategic investors from Australia, China, the UK and US, it is now placed at the centre of a global autonomy ecosystem.

The UK robotics start-up firm was set up in 2014 by Oxford University professors Paul Newman and Ingmar Posner.

Oxbotica has developed a software platform that offers universal autonomy.

Its product is quick to be deployed and requires low energy. It is also claimed to be hassle-free, with hardware agnostic autonomy and applicability to a range of vehicle types, both on and off road.

The advanced technology supports Oxbotica’s horizontal B2B model, offering operators, integrators and manufacturers the autonomy functionality and flexibility they need.

Oxbotica CEO Ozgur Tohumcu said: “We are very excited about the amazing endorsement we have received from new and existing investors.

“This round of investment marks a key chapter in Oxbotica’s continued growth and pushes us forward in commercialising our autonomous software today, through key strategic go-to-market partnerships.

“The high-quality and global footprint of our investors cements our position as a leader in autonomy. We will use funds raised to accelerate the global deployment of our transformative technology.”

Bp ventures managing partner Erin Hallock said: “Bp ventures are delighted to invest in Oxbotica, we believe its software could accelerate the market for autonomous vehicles. Helping to accelerate the global revolution in mobility is at the heart of bp’s strategy to become an integrated energy company focused on delivering solutions for customers.”