Nvidia's NVentures joined a $103 million funding round for UK autonomous driving startup Oxa, with the British government's National Wealth Fund committing $50 million. This follows Nvidia's $1.5 billion investment in UK self-driving company Wayve last month, as the US chipmaker expands its presence in Europe's autonomous vehicle sector. Oxa, formerly Oxbotica and spun out of Oxford University, has shifted from passenger cars to industrial automation.

The Oxford-based company now retrofits existing vehicles like tow tractors with autonomy hardware and software for industrial applications. Founder Paul Newman explained the market for self-driving passenger cars requires "tens of billions" in spending with uncertain regulatory affairs. Existing shareholders including IP Group Plc and Ocado Group Plc have recently written down their investments in the loss-making company due to funding delays and changed commercial outlook.

Oxa's Series D round could increase in coming months, funding its global expansion in the UK, Europe, and Middle East. The company's pivot to industrial automation reflects a strategic shift toward more economically viable applications in factories, ports, and mines. This deal highlights growing investor confidence in autonomous technology beyond consumer vehicles.