XOCEAN secures €7.9 million funding to support expansion
Using Unmanned Surface Vessels (USVs), XOCEAN provides data collection services to surveyors, companies and agencies. From mapping the seabed to environmental monitoring, the platform offers a solution to collecting ocean data.
XOCEAN has successfully completed a €7.9 million funding round. The purpose of this funding is to support the company’s international scaling plans and was fully subscribed by existing shareholders.
XOCEAN uses marine robotics known as Unmanned Surface Vessels (USVs). The company has recently delivered projects for clients including BP, Equinor, PX Group and the UK’s Maritime and Coastguard Agency (MCA). The services provided by XOCEAN include mapping the seabed, inspecting subsea structures and monitoring the environment. Currently XOCEAN has USV’s in operation in the UK, Azerbaijan, Trinidad and Canada, with plans to build an additional 22 USVs over the next 12 months and recruit an additional 140 employees to service the market demand.
“We are experiencing very strong market demand for our services and this funding will support our ambitious scaling plans,” says James Ives, CEO. “XOCEAN’s USVs offer significant benefits as a means of collecting valuable ocean data – these include safety with operators remaining onshore, efficiency with 24/7 operations and environmental with ultra-low emissions, which together lead to significant economic savings for our customers.”