Ocean data collection company XOCEAN has closed a €115 million (USD $119 million) funding round. The financing will help the company expand geographically and continue to innovate its technology to meet the rapidly growing demand for high-quality data solutions across the blue economy.
Founded in Ireland in 2017, XOCEAN has a fleet of Uncrewed Surface Vessels (USVs) that it said emits 0.1% of the CO2 of incumbent manned surveying vessels. The vessels conduct ocean data collection and transmission for industries from offshore energy and seabed mapping to civil hydrography and fisheries. They also support the asset integrity monitoring of existing energy infrastructure, CCUS project development, subsea electrical and data interconnections.
“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 XOCEAN’s Founder and CEO 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 round was funded by S2G, Climate Investment, Morgan Stanley’s 1GT fund, and an affiliate of the Crown Family’s CC Industries.
“We believe this investment represents a distinct opportunity at the intersection of the energy and oceans sectors,” said Dr. Francis O’Sullivan, Managing Director for S2G. “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.”
