XOcean has secured $115mn to expand its fleet of uncrewed surface vessels.
Founded in 2017 by former CEO of Open Hydro James Ives, XOcean builds autonomous boats that zip around the ocean, using sensors to gather large amounts of data on everything from subsurface structures to the temperature and clarity of the seawater.
The bots — which are about the size of a small car — then relay this information in real time to a ground team via satellite link, who use it to compile surveys, maps, or reports. This data is especially helpful for ocean research. It’s also of great value to companies in offshore wind, oil and gas, and carbon capture.
XOcean’s funding round was led by Big Oil-backed Climate Investment and SGS, an American VC focused on clean energy. The other key investors were Morgan Stanley’s 1GT fund and an affiliate of the Crown Family’s CC Industries.
XOcean also raised $30mn back in June, bringing its total funding to date to $180mn. Although it has not publicly disclosed its valuation, Dealroom puts it north of $500mn.
Whatever the precise figure, it’s certainly a lot of cash, especially for a company building tiny little boats that gather data that we’ve been able to collect through other methods for decades.
However, the real added value is that XOcean can gather this data in a way that’s “safer, cost-effective, and ultra-low-impact,” says Ives.
“Traditionally,
