A UK-based self-driving company is set to receive millions of pounds in funding from the Chancellor ahead of a major rollout of autonomous vehicles this year.
Oxa, which is headquartered in Oxford, could be backed by tens of millions of pounds through the £28billion National Wealth Fund.
The Treasury-backed scheme is reportedly close to inking a deal with Oxa to provide additional funding to the Oxford-based company.
However, unlike other major players in the sector, they are developing self-driving technology, rather than producing hardware for cars on the road.
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Oxa is already one of the most popular self-driving pioneers, including partnerships with the likes of BP, DHL and Vantec.
The technology is being used by DHL to operate alongside airport traffic by boosting efficiency in the terminal baggage transfer service.
Similarly, its self-driving software is helping BP at its refineries and wind and solar farms to improve safety.
The Telegraph reports that any investment from the Treasury-backed National Wealth Fund would be a huge jump for the Government in terms of its investment in the AI sector.
UK-based Oxa could be awarded tens of millions of pounds in Treasury funding
|OXA
It was previously reported that Oxa was in talks for a "landmark frontier AI investment" in early 2026 following a £15million boost from existing investors.
Oxa's technology can already be seen on UK roads, with Northern Ireland's first autonomous passenger vehicle, the Harlander, utilising the self-driving software.
The electric shuttles currently operate on a one-mile loop of Belfast's Titanic Quarter, and can transport up to eight passengers to the railway station.
The Oxa Driver software combines sensor data from cameras and radars, with AI used to "accurately sense and predict changes to the vehicle's environment".
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It comes as the Government plans to roll out autonomous vehicles as hire services from spring 2026, with drivers seeing autonomous taxi, private hire and bus-like services hitting the roads.
Labour launched several consultations into the new plans, including how self-driving vehicles can be made as accessible as possible and how they can be approved by councils.
Speaking at the time of the announcement, Gavin Jackson, CEO of Oxa, said: "As the first company to trial an autonomous vehicle on UK roads back in 2016, we are delighted to see the UK continuing to progress towards making automated vehicle services a commercial reality.
"The APS scheme will enable the deployment of innovative public transport services that will augment our current transport network, making it easier and more accessible than ever to get around."
Oxa self-driving technology is utilised within Harlander shuttles in Northern Ireland
|OXA