XOCEAN Eyes Expansion with New €7.9M Investment Boost

Ocean data company, XOCEAN, has completed a €7.9-million funding round.

The purpose of this funding is to support the company’s international scaling plans and was fully subscribed by existing shareholders.

XOCEAN has recently delivered projects for clients including BP, Equinor, PX Group and the UK’s Maritime and Coastguard Agency (MCA), using unmanned surface vessels (USVs).

The services provided by XOCEAN include mapping the seabed, inspecting subsea structures and monitoring the environment.

XOCEAN’s chief financial officer, Karen May, said: “It is a really exciting time for the business as we scale. This new investment allows us to accelerate our growth with expansion into new markets internationally.”

Currently XOCEAN has USV’s in operation in the UK, Azerbaijan, Trinidad and Canada with plans to build an additional 22 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.”