XoceanAn Irish marine robotics startup that provides ocean data for energy and hydropower industries using uncrewed surface vessels (USVs); Raised. 115 million euros ($119 million) as coverage is expected to expand to additional sectors.
Founded in 2017, Xocean has built a remote-controlled USV vessel that can stay offshore for long periods of time. The ships are equipped with sensors that capture high-resolution depth and seabed topography, as well as subsurface sediment layers and geological formations, and satellites to control the USVs and transmit data back to shore. The company is BP; It counts high-profile clients including Shell and government agencies.
Xocean is the work of the founder. James IvesFormer CEO of tidal stream turbine developer OpenHydro, which was acquired in 2013 by French marine engineering company Naval Energies (then known as DCNS); A deal worth $173 million.
“Our mission is to deliver data that will drive the sustainable development of our oceans in a secure, cost-effective and minimally invasive way,” Ives said in a statement.
Xocean's investment comes at an opportune moment. Not only is this an example of a new wave of autonomous and robotics startups emerging in the market, but it also comes at a time when some VCs are starting to take action. Rethink the thesis. Some are backing (read: generating revenue from) climate tech businesses with an increasing focus on solutions that can be used today. Xocean ticks that box.
The edge of the ocean
Oceans are important for regulating the Earth's climate, and they are ideal places to host wind farms. They too. Hosting for infrastructure. Xocean for worldwide data transfer to monitor environmental changes; It collects data with the help of these projects, which use its data to establish the best location for installing a new wind turbine by scanning the seabed or performing maintenance.
The company has now raised approximately $189 million since inception. With its fresh cash injection, it said it plans to expand its geographic presence and “multiple offshore segments,” including the wind energy sector. Carbon capture, ensuring asset integrity; Usage and Storage (CCUS); and urban hydropower (collecting data to support civil engineering projects).
Backed by the company's latest investment. S2G VenturesA climate technology investment firm. I left Builders Vision last year.An umbrella organization for the philanthropy of Walmart heir Lukas Walton. Other investors include climate investing (CI) of Morgan Stanley 1GT fund and “a relation” of the Crown family. CC Industries (CCI).