Oxa has solidified its position in the industrial logistics sector through the acquisition of StreetDrone.
- The company, backed by Google, is known for developing software for autonomous vehicles.
- StreetDrone, based in Oxford, specialises in industrial logistics solutions for ports and fulfilment centres.
- The acquisition aims to integrate StreetDrone’s capabilities with Oxa’s self-driving platform.
- This move is part of Oxa’s effort to deliver autonomous solutions across various industries.
In a significant move, Oxa has enhanced its position in the industrial logistics industry by acquiring StreetDrone. Oxa, which is supported by Google, is renowned for developing the software integral to autonomous vehicles, having already facilitated the deployment of self-driving buses and shuttle services. The acquisition, announced by the company, involves StreetDrone, an Oxford-based start-up focused on the intricate management of goods within industrial logistics settings such as ports and fulfilment centres.
The strategic acquisition aligns with Oxa’s objective of integrating StreetDrone’s advanced logistics solutions with its own cutting-edge software to provide customers with autonomous industrial products. Gavin Jackson, CEO of Oxa, emphasised the importance of this development by stating, ‘StreetDrone joining Oxa marks another leap forward for us as we continue to build the world’s most comprehensive self-driving software platform.’ The company aims to expand its reach by delivering self-driving solutions that are not only safe and efficient but also widely applicable across numerous industrial domains.
Despite the significance of the deal, Oxa has chosen not to disclose the financial details of the acquisition. However, filings from Companies House suggest that StreetDrone holds approximately £166,000 in assets as of 2023, highlighting the strategic importance of this acquisition beyond mere financial considerations.
With the collaboration, StreetDrone’s CEO, Mike Potts, expressed his enthusiasm, noting the transformative potential of autonomous vehicles in industrial operations. He stated, ‘Autonomous vehicles will transform industrial operations – enabling 24/7 uptime, reduced operational costs and increased productivity. Together with Oxa, we will help organisations globally to benefit from the power of autonomy, today.’ This partnership underlines the shared vision of both companies to advance the adoption of autonomous technologies in logistics.
Oxa’s growth trajectory is further evidenced by its prior capital fundraising efforts, having secured £105.9 million in a Series C funding round last year. This financial backing strengthens its capacity to innovate and expand within the autonomous vehicle industry, which is poised for substantial growth.
This acquisition underscores Oxa’s strategic commitment to advancing autonomous solutions in the industrial logistics sector.
