International law firm Gowling WLG have advised client Oxbotica on its £14 million investment to accelerate the autonomous vehicle company's international growth strategy.
Following advisory from Gowling WLG's Corporate, Finance and Tax team, mobile autonomy software developer Oxbotica has secured funds from three leading investors: IP Group plc, Parkwalk Advisors and AXA XL (formerly XL Catlin).
The multi-million pound financial boost will now be used to drive Oxbotica's sustained growth internationally, expanding upon its existing customer base, including some of the world's most prominent blue-chip businesses, from sectors including aerospace, automotive, construction, logistics and mining.
With plans to scale activities in Europe, Asia and US markets, Oxbotica's software has already been deployed across multiple industry-leading projects where the future application of autonomy is being trialled, such as with Ocado, at Heathrow Airport and on major city streets.
Gowling WLG Head of Enterprise Andrew Lawton Smith led on the deal, supported by Corporate, Partner Ian Piggin and Associate Róisín Bergin, and Tax and Funds Partner Zoe Fatchen and Principal Associate Tom Rank.
Speaking following completion, Andy said: "Worldwide interest in driverless technology is at fever pitch. There's a lot of smoke and mirrors out there, but it's a real delight for us to have supported the team who can rightly claim to lead the world in this space. Oxbotica Founders Paul Newman and Ingmar Posner and their team are recognised world leaders in this technology. And, in Clive Scrivener, Chairman, and Graeme Smith, CEO, Oxbotica has a perfect blend of brain power and commercial acumen. Onwards and upwards!"
This latest advisory marks another success for Gowling WLG's 60-strong Corporate team and continues the firm's market-leading full-service legal offering to support innovating automotive and tech companies internationally.