Irish scaleup XOcean bags $115M to expand autonomous ocean vessel fleet

XOcean has raised $115 million to expand its fleet of unmanned surface vessels.

Founded in 2017 by James Ives, XOcean builds autonomous boats that cruise the ocean using sensors to collect large amounts of data on everything from underground structures to seawater temperature and clarity.

The bots, about the size of a small car, then transmit this information in real time to the ground team via satellite communications. They then turn the numbers and measurements into overviews, maps or reports. This data is especially useful for ocean research. It also has great value for companies involved in offshore wind, oil and gas, and carbon capture.

XOcean’s funding round was led by major oil-backed climate investments and SGS, a US venture capital firm specializing in clean energy. Other key investors were Morgan Stanley’s 1GT fund and a subsidiary of the Crown family’s CC Industries.

XOcean also raised $30 million back in June, bringing its total funding to date to $180 million. Although the company has not publicly disclosed its valuation, Dealer room is estimated to be over $500 million.

Whatever the exact figure, it’s definitely a lot of money. especially for a company building tiny boats that collect data that we’ve been able to collect through other methods for decades.

However, the real added value is that XOcean can collect this data in a way that “Safer, more cost-effective and ultra-low impact,” says Ives.

“Traditionally, mapping the ocean floor and collecting marine data requires a ship with a large crew operating for long periods of time at sea,” Ives told TNW. “When a customer needs data, it can take months before a traditional provider can get it, and costs become uncontrollable.”

Now people who need this data can count on a small, low-power, autonomous vessel to do the heavy lifting.

XOcean also promises that its ships will become more environmentally friendly. According to the company’s estimates, Its drone fleet emits just 0.1% of the CO2 of similar crewed research boats.

And it’s a step that seems to payng, not only in the form of venture money, but also in real terms. XOCEAN already works with offshore giants including SSE Renewables, Ørsted, BP and Shell. The scale-up has provided data solutions to commercial and government clients in more than 23 territories, he said.

As we build more and more infrastructure at sea, it is no surprise that we are seeing new technologies coming on board. The second example is taken from Zelim, based in Edinburgh, develops artificial intelligence systems. man overboard detection the purpose of which is to increase survival. Meanwhile, another British company, Beam, built underwater robot to inspect offshore wind farms.