Xocean, an Irish startup specializing in marine robotics, delivers oceanic data to the energy and hydrography sectors utilizing uncrewed surface vessels (USVs). Recently, the company secured €115 million ($119 million) to broaden its reach into additional industries.
Established in 2017, Xocean has developed a fleet of remotely-operated USVs designed for extended offshore missions. These vessels are equipped with advanced sensors capable of capturing high-resolution datasets, including detailed sea floor topography, sediment layers, and geological structure data. The USVs are monitored via satellites, which also facilitate data transmission back to shore. The company’s noteworthy clientele includes major players like BP, Shell, and several government entities.
Xocean was founded by James Ives, who previously served as CEO of tidal stream turbine innovator OpenHydro, which was acquired in 2013 by French marine engineering firm Naval Energies (then known as DCNS) in a transaction valued at $173 million, as reported here.
“Our goal is to provide data that fosters the sustainable development of the oceans in a secure, economical, and minimally invasive manner,” stated Ives in an official communication.
The timing of Xocean’s funding is fortuitous. This investment exemplifies the emerging wave of autonomous and robotics startups and arrives during a period when some venture capitalists are beginning to reassess their strategies regarding climate tech startups, particularly in favor of solutions that can generate immediate revenue. Xocean fits solidly within this framework.
Ocean’s Edge
Oceans play a vital role in regulating the Earth’s climate and serve as optimal sites for wind farms, as well as essential infrastructures for global data transmission. Xocean contributes to these initiatives by providing crucial data for environmental monitoring, determining optimal locations for new wind turbine installations through seabed analysis, and facilitating maintenance operations.
Since its inception, the company has raised approximately $189 million. With this latest injection of capital, Xocean plans to enhance its geographic footprint and expand into “multiple offshore segments” such as the wind energy sector, asset integrity assurance, carbon capture, utilization and storage (CCUS), and civil hydrography to support engineering projects.
The recent funding round was led by S2G Ventures, a climate technology investment firm that emerged last year from Builders Vision, which is affiliated with Walmart heir Lukas Walton’s philanthropy. Additional investors comprise Climate Investment (CI), Morgan Stanley’s 1GT fund, and “an affiliate” of the Crown family’s CC Industries (CCI).
Compiled by Techarena.au.
Fanpage: TechArena.au
Watch more about AI – Artificial Intelligence
