About OxDrive

OxDrive specialises in the design and manufacture of robust, integrated, electric drives for off-highway use, including agritech, construction and more.

The need for ‘one box’ integrated units with gearbox, motor, motor controller and brake was identified by the company’s founders, Chris Horton and Terence Goad, while they were leading the design and development of fully autonomous tractors. Exploratory work on a family of drive units was then supported with £500,000 from Innovate UK’s Power Electronics & Motor Drives (PEMD) project. Following a successful project outcome, OxDrive Ltd was incorporated in 2021. It is based at Silverstone Park, next to the internationally renowned Silverstone Circuit, in the centre of Oxford-Cambridge high technology arc.

OxDrive was selected for a place on Wave Seven of the prestigious Technology Developer Accelerators Program (TDAP), run by the Advanced Propulsion Centre (APC), where it was introduced to Inngot and its IP identification and valuation tools and services – Inngot has been a delivery partner on TDAP for eight years.

The challenge

As one of the Technical Developers on TDAP, Inngot delivers an IP audit as well as other IP advice. OxDrive wanted a thorough third party review, identifying any opportunities or weaknesses in the portfolio, and bring together the results in a formal report. The ultimate aim of the process was to create a robust & optimal IP portfolio, independently substantiate the IP position to investors, and be a first step on the process to a formal IP valuation. The audit identified a number of issues that needed attention, including patents, trade marks, copyright, designs and trade secrets.

The solution

As part of the TDAP program, OxDrive used Inngot’s Goldseam online tool to identify and catalogue both its registered IP rights and its intangible ‘know-how’ and then had a bespoke IP audit from Inngot’s team, which consists of an online meeting, desk research and a comprehensive report.

Chris Horton, OxDrive’s managing director, says: “We had already had an IP audit carried out under the IPO’s Audit Plus scheme. But Inngot’s audit was really good and we were very comfortable with the team and their engagement and professionalism.” Inngot identified issues with patents, trade marks, copyright, designs and trade secrets.

While Inngot does not advise on filing patents or trade marks, OxDrive was able to use the Inngot report to get advice from its patent and trade mark lawyers and address some important areas of concern. One in particular involved how ownership of the company’s trade marks was registered with different databases; some still had these TMs as belonging to OxDrive’s sister company, Performance Projects, even though the latter had officially transferred their rights.

Chris says that much of the value from the Inngot audit was in the way that it forced OxDrive to look at its IP and intangibles, and consider how it all delivered real value for the company, with a fresh eye. He says: “The importance of that became clearer as we engaged with investors, because it was one of the key questions they asked.”

We had already had an IP audit carried out under the IPO’s Audit Plus scheme. But Inngot’s audit was really good and we were very comfortable with the team and their engagement and professionalism... The importance of that became clearer as we engaged with investors, because it was one of the key questions they asked.

Chris Horton - OxDrive, Managing Director

The result

OxDrive has implemented strategies to manage its IP more effectively, clarified the ownership of its trade marks, and created a register of its intangible assets and trade secrets. OxDrive utilises the report in its Investor Data Room, and quotes a formal, coherent and coordinated IP plan in its strategic growth model. The review, plus further dialogue, has also given focus for further work on future IP valuation.