What is OX?
Founded in 2003 and based in the United Kingdom, OX is dedicated to providing accessible and sustainable transportation solutions for emerging markets. The company's core objective is to foster economic growth and social upliftment through its innovative approach to vehicle design and distribution. OX aims to create a positive feedback loop where improved transport infrastructure directly contributes to enhanced economic opportunities and better living standards for communities.
How much funding has OX raised?
OX has raised a total of $4.8M across 2 funding rounds:
Grant
$1.4M
Angel/Seed
$3.4M
Grant (2021): $1.4M with participation from Innovate UK
Angel/Seed (2022): $3.4M led by Advanced Propulsion Centre, Royal Academy of Engineering, and Innovate UK
Key Investors in OX
Innovate UK
Innovate UK is an innovation agency that supports businesses in developing and commercializing new technologies. It was part of UK Research and Innovation, a non-departmental public body funded by the UK government, with roots as the Technology Strategy Board established in 2004.
Advanced Propulsion Centre
The Advanced Propulsion Centre collaborates with the UK government, automotive industry, and academia to accelerate the industrialization of technologies aimed at achieving net-zero emission vehicles. They provide funding and support for innovative low carbon technologies.
Royal Academy of Engineering
The Royal Academy of Engineering is a charity committed to harnessing engineering's potential to foster a sustainable society and an inclusive economy. It offers programs and grants to support engineers and promote research and innovation.
What's next for OX?
With its recent major strategic investment, OX is poised for significant expansion and scaling of its operations. The company's focus on clean, affordable transport in emerging markets aligns with global trends towards sustainability and inclusive economic development. This capital infusion is expected to accelerate product development, enhance manufacturing capabilities, and broaden market reach, further solidifying OX's position as a key player in the sustainable mobility sector. The strategic backing suggests a clear path towards achieving its ambitious goals of driving economic growth and social impact.
See full OX company page
