XOcean has secured €115m in investment to accelerate growth of its ocean data services platform.
Funding will support continued expansion across offshore segments including wind development and operations, asset integrity assurance, carbon capture and civil hydrography.
XOcean partnered with S2G Ventures to structure the round, which was funded by S2G, Climate Investment, Morgan Stanley’s 1GT fund and an affiliate of the Crown family’s CC Industries.
This financing will support XOcean in accelerating the growth of its platform servicing the offshore energy and civil hydrography sectors.
It will also help enable the company’s geographic expansion and product innovation efforts to meet the rapidly growing demand for high-quality data solutions across the blue economy.
Founded in Ireland in 2017, XOcean is commercialising a fleet of uncrewed surface vessels (USVs).
These USVs combine mission endurance, advanced sensors, real-time communications, and post-processing expertise to offer clients a flexible, cost-effective solution for the delivery of their offshore geophysical data needs.
XOcean has worked with offshore-focused energy companies, including SSE Renewables, Orsted, BP and Shell, and has delivered data solutions to commercial and government clients in over 23 jurisdictions.
To date, the company has collected and processed over 4.9 million gigabytes of data and has supported over 48.6GW of offshore wind development.
XOcean 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 S2G, Climate Investment, Morgan Stanley and CCI have chosen to join us on this exciting journey.
“Whilst we embark on the next phase of growth journey, I would like to thank our early shareholders for their support and belief in our mission.”