Xocean bags €30m to expand ocean data tech on foreign shores

6 days ago

CEO and founder James Ives. Image: Xocean

This comes less than a year after the company announced the creation of 300 new jobs and opened a new marine robotics tech centre in Rathcor, Co Louth.

Xocean, which uses robots to collect ocean data, has raised €30m in a Series B funding round led by Venturewave Capital.

Founded in 2017, Xocean has developed a fleet of uncrewed surface vessels that can remain offshore for extended periods of time and collect large amounts of ocean data by mapping the seabed and monitoring the marine environment. Operators and data analysts connect with the vessels via satellite link while staying safe onshore.

The company has national and international clients, including many in the offshore wind market which has a high demand for ocean data. Headquartered in Co Louth, it has offices in the UK, Canada, Norway, Australia and the US.

Last July, Xocean announced the creation of 300 new jobs in the marine-tech space and opened a new marine robotics tech centre in Rathcor, Co Louth, as a base for its engineers and robotic professionals. It aims to have around 500 employees by the end of next year.

“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 CEO and founder 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.”

The oversubscribed Series B round also saw investment from Endeavor Catalyst and Enterprise Ireland. As part of the investment, Xocean secured €20m in venture-debt funding from the European Investment Bank. It will be used to further the company’s international growth and improve its product.

“Xocean is at the forefront of ocean data collection, and their innovative approach is crucial for the sustainable growth of the blue economy,” said Alan Foy, chair at Venturewave Capital. “We are proud to support Xocean in their mission to transform ocean data collection and contribute significantly to environmental sustainability.”

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Vish Gain is a journalist with Silicon Republic