Irish marine robotics startup Xocean, which uses unmanned surface vessels (USVs) to provide ocean data to the energy and hydrographic industries, has raised €115 million ($119 million) with the aim of further expanding its reach. ) was procured.
Founded in 2017, Xocean has built a fleet of remotely controlled USVs that can remain offshore for long periods of time. The vessel is equipped with sensors that capture datasets such as high-resolution depth, bathymetry, subsurface sediment layers and geological structure data, and satellites are used to control the USV and transmit data to land. . The company has a number of major customers including BP, Shell and various government agencies.
Xocean is owned by founder James Ives, former CEO of tidal turbine development company OpenHydro, which was acquired by French marine engineering company Naval Energies (then called DCNS) in 2013 in a deal worth $173 million. It is made by hand.
“Our mission is to provide data that drives sustainable development of the oceans in a safe, cost-effective and minimally impactful way,” Ives said in a statement.
Xocean's investment comes at an opportune time. Not only is this an example of a new wave of autonomous robot startups emerging on the market, but it also comes at a time when some venture capital firms are starting to rethink the rationale behind backing climate tech startups. , some venture capital firms are focused on solutions. It's something you can take advantage of today (and generate revenue). Xocean checks that box.
James Ives, Oxcean Founder and CEO Image credit: Xocean
ocean's edge
The ocean is important for regulating the Earth's climate and is also an ideal place to locate wind farms. It also hosts the infrastructure for transferring data around the world. Xocean helps collect data to support these projects, which is used to monitor environmental changes, scan the ocean floor to identify the best locations to install new wind turbines, or perform maintenance.
The company has now raised about $189 million since its inception and said with the new capital injection it plans to expand its geographic presence and expand across “multiple offshore segments,” including the wind energy sector. There is. Assurance of asset integrity. Carbon Capture, Utilization, and Storage (CCUS). and civil hydrographic maps (data collection to support civil engineering projects).
The company's latest investment was backed by S2G Ventures, a climate technology investment company spun out last year from Builders Vision, Walmart heir Lucas Walton's philanthropic umbrella organization. Other investors include Climate Investments (CI), Morgan Stanley's 1GT Fund and an “affiliate” of the Crown family's CC Industries (CCI).