Xocean Secures $119M Funding for Ocean Data Collection

Xocean Secures €115 Million to Broaden Ocean Data Services

Xocean, a marine robotics company originating in Ireland, has successfully raised €115 million (equivalent to $119 million). This funding will facilitate the expansion of its ocean data provision to encompass a wider range of industries, initially serving the energy and hydrography sectors.

Established in 2017, Xocean has developed and deployed a fleet of uncrewed surface vessels (USVs). These remotely operated vessels are capable of extended offshore deployments.

Advanced Data Acquisition Capabilities

The USVs are outfitted with a comprehensive suite of sensors. These sensors gather critical datasets, including high-resolution measurements of ocean depth and seafloor topography.

Furthermore, the vessels collect data pertaining to subsurface sediment layers and underlying geological structures. Data transmission back to shore and control of the USVs are achieved through the utilization of satellite technology.

Notable Client Base

Xocean currently provides its services to prominent organizations. These include major energy companies such as BP and Shell, alongside various governmental bodies.

Company Leadership and Origins

The founding of Xocean is attributed to James Ives, who previously held the position of CEO at OpenHydro. OpenHydro, a developer of tidal stream turbines, was acquired by Naval Energies (formerly DCNS) in 2013 for a sum of $173 million.

“We are dedicated to providing data that supports the responsible and sustainable development of our oceans, achieved through safe, economical, and environmentally conscious methods,” stated Ives.

Strategic Timing for Investment

This investment arrives at a particularly advantageous time. Xocean represents a new generation of autonomous and robotics companies entering the market.

The funding also coincides with a shift in venture capital perspectives regarding climate tech investments. Some VCs are now prioritizing solutions that offer immediate revenue generation capabilities, a characteristic that Xocean demonstrably possesses.

The Significance of Ocean Data

The world’s oceans play a vital role in global climate regulation. Simultaneously, they represent prime locations for the development of wind farms and the deployment of essential data transfer infrastructure.

Xocean specializes in the collection of oceanic data, supporting a diverse range of projects. This data is utilized for environmental monitoring, seabed scanning to optimize wind turbine placement, and ongoing maintenance operations.

Recent Funding and Expansion Plans

Since its founding, Xocean has secured approximately $189 million in funding. The recent capital infusion will be directed towards broadening the company’s geographic reach and expanding its services across several key offshore sectors.

These sectors include the wind energy industry, assurance of asset integrity, carbon capture, utilization, and storage (CCUS) technologies, and civil hydrography – data acquisition for civil engineering endeavors.

Investment Details

The latest funding round was led by S2G Ventures, a firm focused on climate technology investments. S2G Ventures originated as a spin-off from Builders Vision, the philanthropic organization associated with Lukas Walton, an heir to the Walmart fortune.

Additional investors participating in this round include Climate Investment (CI), Morgan Stanley’s 1GT fund, and an affiliate linked to CC Industries (CCI), the investment arm of the Crown family.