Irish company XOCEAN has closed a €115 million fundraise to support the growth of its ocean data services business, which utilises a fleet of in-house developed Uncrewed Surface Vessels (USVs).
The company partnered with S2G Ventures, Climate Investment, Morgan Stanley’s 1GT fund, and an affiliate of the Crown Family’s CC Industries on the funding round.
Founded in 2017, XOCEAN provides offshore geophysical data delivery from a fleet of USVs equipped with sensors and real-time communications. The company says that the remotely operated fleet emits just 0.1% of the CO2 of incumbent manned surveying vessels.
To date, the company has collected and processed over 4.9 million gigabytes of data, working in areas including offshore wind development, asset integrity monitoring, subsea electrical and data interconnections, and government data collection.
“Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective, and ultra-low-impact way,” said XOCEAN’s Founder and CEO James Ives.
“Today, we are providing this service for many of the world’s largest energy companies, supporting the development of clean renewable energy globally. We are delighted that S2G, Climate Investment, Morgan Stanley and CCI have chosen to join us on this exciting journey.”
“Whilst we embark on the next phase of growth, I would like to thank our early shareholders for their support and belief in our mission.”
