Xocean, a pioneering marine robotics company, has secured €30 million in a Series B funding round led by Venturewave Capital. This funding comes recently after the company announced the creation of 300 new jobs and opened a new marine robotics tech center in Rathcor, Co Louth.
Founded in 2017, Xocean has developed a fleet of uncrewed surface vessels capable of remaining offshore for extended periods to collect large amounts of ocean data. These data are crucial for mapping the seabed and monitoring the marine environment. Operators and data analysts connect with the vessels via satellite link, ensuring their safety onshore. The company serves national and international clients, including many in the offshore wind market.
Xocean is headquartered in Co Louth and has offices in the UK, Canada, Norway, Australia, and the US. The company aims to have around 500 employees by the end of next year. James Ives, CEO and founder of Xocean, emphasized their mission to deliver data that aids the sustainable development of oceans in a safe, cost-effective, and ultra-low-impact manner. He highlighted their support for many of the world’s largest energy companies in developing clean, renewable energy globally.
The oversubscribed Series B round also saw investment from Endeavor Catalyst and Enterprise Ireland. Part of the funding includes €20 million in venture debt from the European Investment Bank. This capital will be used to enhance Xocean’s international growth and improve its products. Alan Foy, chair at Venturewave Capital, commended Xocean’s innovative approach to ocean data collection and its significant contribution to environmental sustainability.
Source: Xocean bags €30m to expand ocean data tech on foreign shores.
