Xocean raises $119 million to capture ocean data using unmanned surface vessels
Exocinan Irish marine robotics startup that provides ocean data to the energy and hydrography industries using unmanned surface vessels (USVs), He was aroused €115 million ($119 million) as it looks to expand coverage to include additional sectors.
Founded in 2017, Xocean has built a fleet of US marine remote-controlled vehicles that can remain offshore for long periods of time. The vessels are equipped with sensors that capture data sets such as high-resolution depth and seafloor topography, as well as subsurface sediment layers and geological structure data, with satellites used to control the USVs and transmit the data to shore. The company has big-name clients, including BP, Shell and several government agencies.
Xocean is the handiwork of the founder James Ivesformer CEO of tidal stream turbine developer OpenHydro, which was acquired by French marine engineering company Naval Energies (then called DCNS) in 2013. In a deal worth $173 million.
“Our mission is to provide data that drives sustainable development of our oceans in a safe, cost-effective and extremely low-impact way,” Ives said in a statement.
Xocean’s investment comes at an opportune moment. Not only is it an example of a new wave of autonomous and robotic startups emerging in the market, but it also comes at a time when some venture capital firms are beginning to… Rethink the thesis behind backing climate tech startups, with some increasingly focusing on solutions that can be used (read: generate revenue) today. Xocean ticks this box.
Ocean’s edge
Oceans play a crucial role in regulating Earth’s climate, and are ideal locations to host wind farms. They are Infrastructure host To transfer data around the world. Xocean helps collect data to help these projects. Its data is used to monitor environmental changes, determine the best location to install new wind turbines by surveying the seabed, or perform maintenance.
The company has now raised about $189 million since its inception, and with its new cash infusion, it says it plans to expand its geographic presence and across “multiple external sectors,” including the wind energy sector; Ensuring asset integrity; Carbon Capture, Utilization and Storage (CCUS); and civil hydrography (collecting data to support civil engineering projects).
The company’s most recent investments were backed by S2G projectsa climate technology investment firm Last year it spun off from Builders Visionan umbrella organization for the philanthropic efforts of Walmart heir Lucas Walton. Other investors include climate investing (C.I), Morgan Stanley 1 GT The Fund and a “subsidiary” of the Crown family CC Industries (CCI).
