Autonomous vehicle software firm Oxbotica has announced the completion of a $47m (£34.4m) investment led by bp ventures.

The Series B funding will be used to accelerate commercial deployment of its autonomy software platform across multiple industries and markets.

The Oxford firm is deploying its autonomy software in industrial use cases in advance of rolling out in ‘urban passenger transportation’ applications in the future.

Investors in the round include BGF, bp ventures, Halma, HostPlus, IP Group,Tencent, Venture Science, and funds advised by Doxa Partners.

Oxbotica was founded in 2014 by Oxford University professors, Paul Newman and Ingmar Posner.

It now calls its software platform, low energy, hassle free, hardware agnostic and applicable to a vast array of vehicle types both on and off road.

Ozgur Tohumcu, CEO of Oxbotica, said: “This round of investment marks a key chapter in Oxbotica’s continued growth and pushes us forward in commercialising our autonomous software today, through key strategic go-to-market partnerships.

“The high-quality and global footprint of our investors cements our position as a leader in autonomy. We will use funds raised to accelerate the global deployment of our transformative technology.”

Paul Newman, CTO and Founder of Oxbotica, added: “We have a vision, we have the technology, we have the team, we see the markets and we have the customers.

“Adding these high quality investors to this mix, means we can continue to accelerate Oxbotica, and change the way bits (software) move atoms (people and goods).”