Xocean, an Irish marine technology startup specialising in ocean data services for the energy and hydrography sectors using uncrewed surface vessels (USVs), recently secured €115 million ($119 million) to further broaden its reach across additional industries.
Established in 2017, Xocean operates a fleet of remotely-operated USVs capable of prolonged offshore missions. These vessels are equipped with advanced sensors that gather a range of data, including high-resolution depth measurements, seafloor topography, subsurface sediment layers, and geological structure data. Satellite technology is utilised to control the USVs and relay information back to land. The company boasts prominent clients such as BP, Shell, and various governmental bodies.
Xocean was founded by James Ives, the former CEO of tidal stream turbine pioneer OpenHydro, which was acquired in 2013 by French marine engineering firm Naval Energies (then known as DCNS) in a transaction valued at $173 million.
“Our goal is to provide data that promotes the sustainable development of our oceans in a secure, cost-effective, and low-impact manner,” Ives stated.
The timing of Xocean’s investment is particularly advantageous. This marks not only a significant moment for new autonomous and robotics enterprises in the market, but also coincides with a period when several venture capitalists have begun to revise their approach towards investing in climate technology, with an increasing focus on solutions that generate immediate revenue. Xocean fits this model perfectly.
The Importance of the Oceans
The oceans play a vital role in regulating the Earth’s climate and are ideal for wind farm development. They also facilitate global data transfer infrastructure. Xocean’s data collection efforts support these initiatives by assisting in environmental monitoring, identifying optimal sites for new wind turbine installations through seabed surveys, and performing maintenance tasks.
Since its inception, the company has successfully raised approximately $189 million, and with this recent financial boost, it plans to enhance its geographic footprint and diversify across “multiple offshore sectors”, including wind energy, asset integrity assurance, carbon capture, usage, and storage (CCUS), as well as civil hydrography (data gathering to support civil engineering projects).
The most recent round of funding was led by S2G Ventures, a climate-focused investment firm that emerged from Builders Vision, which is the philanthropic organisation of Walmart heir Lukas Walton. Other notable investors comprise Climate Investment (CI), Morgan Stanley’s 1GT fund, along with an affiliate of the Crown family’s CC Industries (CCI).