Addison Lee and Oxbotica ink self-driving deal, will offer autonomous car services in London by 2021
After undertaking a year-long investigation with Ford and four other mobility specialists on how to build self-driving systems that integrate with London’s existing transport infrastructure, Addison Lee today is announcing the next step in its autonomous strategy.
The on-demand ride company — which competes with black cabs, Uber and other car services — announced a deal with self-driving startup Oxbotica to develop autonomous vehicles, with the aim of getting them in service in London by 2021.
No financial details are being revealed about the deal. Addison Lee CEO Andy Boland, in an interview, described it as “purely commercial.” Currently Addison Lee is “unfashionably profitable,” he added, and so it is working on its current self-driving efforts off its own balance sheet. It is also wholly owned by PE firm the Carlyle Group, so it’s likely that this will help with future funding, although Boland did not rule out that when the company gets closer to a commercial launch, that it might need to look for funding to do this.
Meanwhile, Oxbotica — a spin-out from Oxford University — has raised around $18 million to date, with backers including Oxford, Innovate UK, the Ministry of Defence, the IP Group, insurers Axa …read more
Source: Tech Crunch