Xocean, an Irish marine robotics startup that provides ocean data to the energy and hydrography industries using uncrewed surface vessels (USVs), has 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 remain offshore for long periods of time. The vessels are equipped with sensors that capture datasets 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 data back to shore. The company counts big-name customers, including BP, Shell, and various government agencies.
Xocean is the handiwork of founder James Ives, formerly CEO of tidal stream turbine developer OpenHydro, which was acquired in 2013 by French marine engineering company Naval Energies (then called DCNS) in a deal worth $173 million.
“Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective, and ultra-low-impact way,” Ives said in a statement.
Xocean’s investment is coming at an opportune moment. Not only is it an example of one of new wave autonomous and robotics startups emerging in the market, but it also it comes at a time when some VCs have started to rethink the thesis behind backing climate tech startups, with some increasing their focus on solutions that can be used (read: generating revenues) today. Xocean ticks that box.
Ocean’s edge
Oceans are critical to regulating the Earth’s climate, and they’re also ideal locations for hosting wind farms. They’re also host to infrastructure for transferring data around the globe. Xocean helps gather data in aid of those projects, with its data used to monitor environmental changes, establish the best location for a new wind turbine installation by scanning the seabed, or run maintenance.
The company has now raised around $189 million since its inception, and with its fresh cash injection it says it plans to expand its geographic presence and across “multiple offshore segments,” including wind energy sector; asset integrity assurance; carbon capture, usage, and storage (CCUS); and civil hydrography (data collection to support civil engineering projects).
The company’s latest investment was backed by S2G Ventures, a climate tech investment firm that last year spun out of Builders Vision, an umbrella organization for Walmart heir Lukas Walton’s philanthropic efforts. Other investors include Climate Investment (CI), Morgan Stanley’s 1GT fund, and “an affiliate” of the Crown family’s CC Industries (CCI).