XOCEAN receives funding to support its growth in the renewables industry
DUBLIN – June 11 2024 – XOCEAN, the ocean data company, has successfully raised €30 million in its latest Series B funding round. The oversubscribed funding was led by Venturewave Capital, with co-investors including Endeavor Catalyst and Enterprise Ireland, facilitated through the Impact-focused Venturebeam platform. Notably, XOCEAN achieved an AA+ rating for impact by the new platform.
This funding will accelerate the company’s international growth and drive further technical innovation. As part of this round, XOCEAN secured €20 million in venture-debt funding from the European Investment Bank (EIB).
XOCEAN’s mission is to deliver data that supports the sustainable development of our oceans. Founded in Ireland in 2017, XOCEAN is revolutionising ocean data delivery using low-impact robotics to collect large volumes of ocean data to the highest industry standards.
The global blue economy is experiencing substantial growth driven by industries such as offshore wind. However, the data to support this growth is difficult to acquire. XOCEAN has developed a fleet of Uncrewed Surface Vessels (USVs) that can remain offshore for extended periods, collecting large volumes of ocean data. Operators and data analysts remain safely located onshore, connected to the vessels via satellite link. This smarter and scalable approach to ocean data delivery is safer, cost-effective, and ultra-low impact.
XOCEAN has delivered data to many of the world’s largest renewable energy companies, operating in 22 jurisdictions and harvesting over 4 million gigabytes of high-quality data. This data has already supported the development of 43.1GW’s of new offshore wind capacity. XOCEAN also serves multiple other industries and government agencies with their data needs.
The company’s carbon-neutral technology will prevent the emission of one million tons of carbon over the next five years, with its fleet of vessels emitting just 0.1% of the CO2 of conventional vessels.
Commenting on the funding, XOCEAN’s Founder and CEO James Ives said: “Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective, and ultra-low-impact way. Today, we are providing this service for many of the world’s largest energy companies, supporting the development of clean renewable energy globally. We are delighted that Venturewave Capital, Endeavor Catalyst, and Enterprise Ireland have chosen to join us on this exciting journey. The Impact-focused Venturebeam platform made the fundraising process efficient and effective, allowing us to seamlessly connect with co-investors who share our commitment to impactful, sustainable investments.”
Alan Foy, Chairman of Venturewave Capital, commented: “XOCEAN is at the forefront of ocean data collection, and their innovative approach is crucial for the sustainable growth of the blue economy. We are proud to support XOCEAN in their mission to transform ocean data collection and contribute significantly to environmental sustainability.”
Adrian Garcia-Aranyos, President of Endeavor, added: “The impact XOCEAN is making in the critical field of ocean data is groundbreaking, and underscores the Endeavor mission to support the highest-impact, most innovative entrepreneurs globally. Since joining the network in 2021, James has been the embodiment of our “pay it forward” ethos, giving freely of his time and advice to other founders to help build a thriving entrepreneurial ecosystem at home and abroad. We look forward to continuing to work with the whole XOCEAN team, and to charting their success in the years ahead.”
Karen May, XOCEAN Chief Financial Officer, added: “This milestone is a clear vote of confidence in our brilliant team, innovative technology, and the overall trajectory of our business. XOCEAN continues to deliver exceptionally strong revenues and financial performance. We look forward to deploying this new capital to further accelerate our market growth and solidify our leadership.”
Leo Clancy, CEO of Enterprise Ireland, said: “Enterprise Ireland is committed to supporting pioneering companies like XOCEAN that are driving innovation and sustainability in their sectors. XOCEAN’s impressive growth and impact demonstrate the significant potential of Irish enterprises on the global stage. We are proud to be part of their journey and to support their continued success.”
The Venturebeam platform is uniquely designed to facilitate investments in high-impact ventures. Its focus on sustainability and impact investment aligns perfectly with XOCEAN’s mission to support the sustainable development of our oceans. The platform’s user-friendly interface and comprehensive support services made the fundraising process straightforward and efficient, interfacing with investors who are equally committed to driving positive environmental and social change.
Venturebeam and Wallace Corporate Counsel acted as financial advisors to XOCEAN.
