XOCEAN secures funding to support international expansion

21 November 2019

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Ocean data company, XOCEAN, has announced the successful completion of a €7.9 million funding round. The purpose of the funding is to support the company's international scaling plans and was fully subscribed by existing shareholders.

XOCEAN is one of a number of companies transforming the way ocean data is collected using Unmanned Surface Vessels (USV). It 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 seabed mspping, inspecting subsea structures and monitoring the environment.

Currently XOCEAN has USVs in operation in the UK, Azerbaijan, Trinidad and Canada with plans to build an additional twenty-two 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."

XOCEAN
Greenore
Co Louth A91 E765
IRELAND
T: +353 42 9419200
F:

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