Irish Startup Xocean Secures $119M to Expand Ocean Data Services

Irish marine robotics company Xocean has raised €115 million ($119 million) in a significant funding round aimed at extending its uncrewed surface vessel (USV) operations to new industries. Established in 2017, the company specializes in collecting vital oceanic data for sectors such as energy and hydrography, utilizing advanced robotic technology.

Irish Startup Xocean Secures $119M to Expand Ocean Data Services
Xocean founder James Ives

Irish marine robotics company Xocean has raised €115 million ($119 million) in a significant funding round aimed at extending its uncrewed surface vessel (USV) operations to new industries. Established in 2017, the company specializes in collecting vital oceanic data for sectors such as energy and hydrography, utilizing advanced robotic technology.

Xocean operates a fleet of remotely controlled USVs capable of staying offshore for extended periods. These vessels, equipped with cutting-edge sensors, gather data including high-resolution depth maps, seabed topography, subsurface sediment layers, and geological structures. The collected information is transmitted to onshore facilities via satellite communication, enabling real-time monitoring and analysis. Among its prominent clients are BP, Shell, and various governmental bodies.

The company was founded by James Ives, who previously served as CEO of tidal turbine developer OpenHydro. The latter was acquired in 2013 by French marine engineering firm Naval Energies (then operating as DCNS) in a deal worth $173 million. Commenting on the company's mission, Ives stated, “Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective, and ultra-low-impact way.”

Funding Reflects Growing Interest in Climate Technology

The recent funding comes at a time when climate tech is gaining traction among investors. Venture capitalists are increasingly prioritizing startups that offer scalable solutions with immediate revenue potential. Xocean, through its autonomous systems and data-driven services, aligns with this trend by providing actionable insights for the sustainable management of marine resources.

Oceans play a pivotal role in regulating Earth's climate, hosting renewable energy projects like wind farms, and supporting global data infrastructure. By offering detailed oceanographic data, Xocean contributes to initiatives such as identifying optimal locations for wind turbine installations, monitoring environmental changes, and facilitating maintenance of critical offshore infrastructure.

Expansion Plans Backed by Key Investors

With this latest funding round, Xocean has now raised approximately $189 million since its inception. The new investment will support the company’s plans to broaden its geographical footprint and enter multiple offshore sectors. These include the wind energy industry, asset integrity assurance, carbon capture, usage, and storage (CCUS), as well as civil hydrography projects.

The funding was led by S2G Ventures, a climate tech-focused investment firm spun out of Builders Vision, a philanthropic organization established by Lukas Walton, heir to the Walmart fortune. Other notable investors include Climate Investment (CI), Morgan Stanley’s 1GT fund, and CC Industries (CCI), an affiliate of the Crown family.

As Xocean gears up for expansion, its technology underscores the growing relevance of autonomous systems in addressing global environmental challenges. By leveraging its USV fleet, the company aims to solidify its role in sustainable ocean development while addressing the evolving needs of its clients.