Ocean data company, XOCEAN, has announced the
successful completion of a $8.7 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 is transforming the way ocean data is collected using 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.
XOCEAN's Chief Financial Officer Karen May said "It is a really exciting time for the business as we scale. This new investment allows us to accelerate our growth with expansion into new markets internationally."
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.
Commenting on the funding, James Ives, CEO, XOCEAN said "We are
experiencing very strong market demand for our services and this
funding will support our ambitious scaling plans. 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."