Oxbotica Secures $47 Million in Funding to Develop Software for Autonomous Mining

Oxbotica recently reported that it had raised $47 million for new autonomous software that would be used in different mines cross the globe. Among the company’s backers are BGF, an investment firm, and BP, an energy firm.

Oxbotica is currently developing an open-autonomy software for the natural resource industry designed to assist all manner of vehicles with different functions and sizes to operate on their own, minus input from an individual, while also communicating with each other. In addition to this, the company also provides a cloud-based platform for data and vehicle management that can assimilate with all vehicles controlled by the autonomous platform, thus forming a whole new approach to vehicle maintenance and management.

Oxbotica CEO Ozgur Tohumcu stated that the company was excited about the support it had received from both existing and new investors, explaining that the investment was an important factor that would enable the company to grow and advance in the commercialization of its autonomous software. This, Tohumcu said, would be done through major strategic marketing partnerships. He added that the worldwide footprint of the company’s investors and the high-quality products Oxbotica developed strengthened its position in the field of autonomy as a leader.

The company’s software can be set up in older vehicles, a variety of machines and vehicles, and even machines that had not been designed for automated work. This means that all machinery can be upgraded to function autonomously, which will ensure that old machines are not outdated as the natural resource industry adopts autonomous operations.

Data from Statista proposes that by 2026 automation in the natural resource space worldwide will be a $4 million industry. The use of 220-ton autonomous vehicles at the Xiwan coal mine in China, 32 vehicles in total, suggests that the natural resource industry is ready for an autonomous technology expansion.

Oxbotica aims to become a leading company in the automation industry. The company has been awarded $18.5 million in funding, which allowed it to grow its operations in the United States, Asia and Europe in 2018. In 2020, the company entered into an agreement with Wenco, a Hitachi subsidiary, to advance its open-autonomy mining solution.

The company’s latest funding is backed by investments from Doxa Partners, Halma, Venture Science, HostPlus, Tencent and the IP Group, which brings a diverse group of financial investors together in support of the company.

Jamie Vollbracht, a partner at IP Group, stated that this considerable funding would help Oxbotica process to the next stage, thus allowing the company to deliver its system’s benefits in multiple applications around the world.

Meanwhile, a number of companies in different segments of the mining industry are enjoying a good run. For instance, GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) is enjoying higher revenues given the record-breaking rise in the price of gold in 2020.

NOTE TO INVESTORS: The latest news and updates relating to GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) are available in the company’s newsroom at http://ibn.fm/GHVNF

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