Xocean uncrewed surface vessel. Image: Alan O' Neill
The funds will be used to support the platform’s growth across a range of blue economy sectors.
Louth-based ocean data company Xocean has today (9 January) announced the closing of a funding round which raised €115m, with the support of S2G Ventures, Climate Investment, Morgan Stanley’s 1GT fund and an affiliate of the Crown Family’s CC Industries.
Founded in 2017 by James Ives, with locations in Ireland, the UK, Canada, Norway, Australia and the US, Xocean develops uncrewed surface vessels capable of remaining offshore for extended periods of time to map and monitor the marine environment and collect large quantities of ocean data. Operators and data analysts connect with the vessels via satellite link while staying safe onshore.
This latest investment will support Xocean in its plans to expand the platform, with particular focus on emerging blue economy sectors, such as offshore energy and civil hydrography. The organisation predicts that, as the blue economy becomes a greater focus for capital deployment, ocean data services are going to be in high demand and should be delivered in an environmentally sensitive manner.
“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 Ives.
Commenting on the funding, Dr Francis O’ Sullivan, the managing director for S2G said: “We believe this investment represents a distinct opportunity at the intersection of the energy and oceans sectors. Working with many of the world’s leading energy companies, Xocean has reimagined how the geophysical data central to unlocking the blue economy’s potential can be delivered.
“We are looking forward to partnering with James Ives and the outstanding X team as they continue to grow their business’s global operations.”
Last June, Xocean closed a €30m Series B funding round led by Venturewave Capital.
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