Source: Sharecast
IP Group stated that Oxa, the autonomous driving startup, had secured an initial $50m commitment from the UK's National Wealth Fund, with further backing from NVentures, Nvidia's venture arm, as well as additional investment from existing shareholders including IP Group, its Hostplus‑managed funds, and BP Ventures.
The FTSE 250 group contributed £7.5m from its own balance sheet and £19m via its Hostplus funds. Following the close, the group holds an undiluted 10.6% stake in Oxa, with a further 9.7% owned through its managed funds.
Oxa fell short of commenting on its valuation in the round or just how much Nvidia invested. Existing investors, including IP Group and Ocado, have recently marked down the value of their stakes in the loss‑making firm, citing funding delays and a shift in its commercial outlook.
Nvidia's investment follows its recent backing of another British self‑driving group, Wayve, which raised $1.5bn in February at a valuation of $8.6bn.
Oxa said the new funding will support its international expansion plans, with growth targeted across the UK, Europe and the Middle East.
As of 0900 GMT, IP Group shares were up 2.19% at 50.84p.
Reporting by Iain Gilbert at Sharecast.com