Investor Alert

April 16, 2021, 2:34 a.m. EDT

Ocado invests GBP10M in AV tech startup Oxbotica

By Matteo Castia

Ocado Group PLC said Friday that it is investing 10 million pounds ($13.8 million) in autonomous-vehicle technology company Oxbotica Ltd. as part of a multi-year collaboration to develop hardware and software interfaces for autonomous vehicles.

"The ultimate ambition is to enable Ocado's partners that use the Ocado Smart Platform to reduce the costs of last-mile delivery and other logistics operations," the online grocer and retail-technology specialist said.

The companies aim to enhance and integrate U.K.-based Oxbotica's software platform into a variety of vehicles, including inside Ocado's customer fulfillment centers.

In January, Oxbotica said it had raised $47 million in a funding round led by the venture investment arm of BP PLC, which also included Chinese internet company Tencent Holdings Ltd.

Link to MarketWatch's Slice.