Xocean, which provides ocean data services for offshore energy and civil hydrography industries, today announced it has raised €115 million, about $119 million, in new funding to drive the company’s expansion across the globe.

Founded in Ireland in 2017, Xocean uses a fleet of unmanned, remotely operated watercraft known as “uncrewed surface vessels” to scan ocean areas for data important for building offshore infrastructure. Designed and manufactured in Ireland, these USVs can remain offshore for extended periods to harvest large volumes of ocean data, allowing operators to stay safely on land connected via satellite.

The company said this operating method allows it to promote a scalable approach to collecting ocean data that is safe, cost-effective and ultra-low impact. Its fleet emits just 0.1% of the carbon dioxide generated by manned survey vessels and thus avoids millions of tons of carbon emissions that would be created over the next decade.

The funding round was led by S2G Ventures, Climate Investment, Morgan Stanley’s 1GT fund and CC Industries. The company has raised $189 million to date. With this most recent funding round, the company said that it intends to expand its presence worldwide and address more industry segments, including wind energy, supporting the management and maintenance of offshore rigs, and civil hydrography, or data collection for civil engineering projects.

“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 founder and Chief Executive 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 company works with leading offshore-focused energy companies, including Danish multinational energy company Ørsted A/S, SSE Renewables, BP Plc, and Shell Plc among other commercial and government clients across 23 regions. Using its unmanned vessels, Xocean has collected more than 4.9 gigabytes of data and supported more than 48.6 gigawatts of offshore wind energy development.

The company said the demand for ocean data has continued to drive interest in its services and is projected to grow over the coming decade as more infrastructure is built in the oceans including wind farms and subsea cables. Offshore wind generation is projected to reach over 250 gigawatts of power by 2035, an expansion measuring over 500% relative to today.

“Xocean is revolutionizing the way we develop, monitor and enable offshore-focused industries with its fleet of uncrewed surface vessels that offer safe, low-carbon and efficient surveying capabilities,” said Patrick Yip, managing director and head of growth equity at Climate Investment. 

Photo: Xocean