XoceanAn Irish marine robotics startup using unmanned surface vessels (USVs) to provide ocean data to the energy and hydrography industries, Raised €115 million ($119 million) as it looks to expand coverage to additional sectors.
Founded in 2017, Xocean has built a fleet of remotely-controlled USVs that can stay offshore for long periods. The ships are equipped with sensors that capture datasets such as high-resolution depth and seafloor topography, as well as data on surface sediment layers and geological structures, with satellites used to control the USVs and transmit data ashore. The company counts big-name customers including BP, Shell and various government agencies.
Xocean is the handiwork of the founder James IvesFormerly CEO of tidal stream turbine developer OpenHydro, which was acquired by French marine engineering company Naval Energy (then known as DCNS) in 2013 in a deal worth $173 million.
“Our mission is to provide data that drives the sustainable development of our oceans in safe, cost-effective and ultra-low-impact ways,” Ives said in a statement.
Xocean's investment comes at an opportune time. Not only is this an example of the new wave of autonomous and robotics startups in the market, it also comes at a time when some VCs have started Revise the thesis Behind supporting climate tech startups, some have increased their focus on solutions that can be leveraged (read: generate revenue). Xocean ticks that box.
by the ocean
Oceans are important for regulating Earth's climate, and they are also ideal locations for hosting wind farms. They too Infrastructure hosts For data transfer around the world. Xocean helps those projects collect data, its data is used to monitor environmental changes, scan the ocean floor to establish or maintain the best location for a new wind turbine installation.
The company has now raised about $189 million since its inception, and with its new cash injection it says it plans to expand its geographic presence across “multiple offshore segments,” including the wind energy sector; Asset integrity assurance; Carbon Capture, Utilization and Storage (CCUS); and civil hydrography (data collection to support civil engineering projects).
The company was supported by the latest investment S2G VenturesA climate technology investment firm that Builders exited Vision last yearAn umbrella organization for Walmart heir Lucas Walton's philanthropic efforts. Other investors include Climate Investments (C.I), of Morgan Stanley 1GT Fund, and “an affiliate” of the Crown family. CC Industries (CCI).