USV developer XOCEAN raises €30m in new funding

XOCEAN, a developer of Uncrewed Surface Vessels (USVs) for ocean data collection, has raised €30 million in its latest funding round, as it looks to foster international growth and drive further technical improvements.

The company’s USVs can remain offshore for extended periods, collecting large volumes of ocean data while operators and data analysts remain located onshore, connected to the vessels via satellite.

XOCEAN, based in Ireland, says it has operated in 22 jurisdictions and harvested over 4 million gigabytes of ocean data to serve various industries and government agencies.

The funding round was led by Venturewave Capital, with co-investors including Endeavor Catalyst and Enterprise Ireland, facilitated through the Impact-focused Venturebeam platform. As part of the round, XOCEAN secured €20 million in venture-debt funding from the European Investment Bank (EIB).

“Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective, and ultra-low-impact way. Today, we are providing this service for many of the world’s largest energy companies, supporting the development of clean renewable energy globally,” said XOCEAN’s Founder and CEO James Ives.

“We are delighted that Venturewave Capital, Endeavor Catalyst, and Enterprise Ireland have chosen to join us on this exciting journey. The Impact-focused Venturebeam platform made the fundraising process efficient and effective, allowing us to seamlessly connect with co-investors who share our commitment to impactful, sustainable investments.”

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Rob O'Dwyer

Rob is Chief Network Officer and one of the founders of Smart Maritime Network. He also serves as Chairman of the Smart Maritime Council. Rob has worked in the maritime technology sector since 2005, managing editorial for a range of leading publications in the transport and logistics sector. Get in touch by email by clicking here, or on LinkedIn by clicking here.

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