XOCEAN Lands €30M Investment to Revolutionize Ocean Data Collection

XOCEAN, an ocean data company based in Ireland, has successfully secured €30 million in a Series B funding round. The round was oversubscribed and led by Venturewave Capital. Other participants included Endeavor Catalyst and Enterprise Ireland, using the Impact-focused Venturebeam platform. The company received an impressive AA+ impact rating from the platform.

The influx of funds is poised to bolster XOCEAN's international expansion and enhance its technical capabilities. In a significant move, the company also obtained €20 million in venture debt from the European Investment Bank (EIB).

Established in 2017, XOCEAN is at the forefront of transforming ocean data collection. The company utilizes low-impact robotics to gather vast amounts of ocean data, adhering to stringent industry standards, which aids in the sustainable development of our oceans.

In the rapidly growing global blue economy, particularly in sectors like offshore wind, obtaining relevant data can be challenging. XOCEAN addresses this issue with its fleet of Uncrewed Surface Vessels (USVs) designed to operate offshore for prolonged periods. These vessels, managed by onshore operators and data analysts through satellite links, offer a safer, more scalable, and cost-effective method for data collection with minimal environmental impact.

XOCEAN's innovative approach has already serviced numerous major renewable energy companies across 22 jurisdictions, amassing over 4 million gigabytes of premium data. This data has facilitated the development of 43.1 GW of new offshore wind energy capacity. Additionally, the company provides data solutions to various other industries and government bodies.

The company's commitment to environmental sustainability is further underscored by its carbon-neutral technology, which is projected to avert one million tons of carbon emissions over the next five years. Compared to traditional vessels, XOCEAN's vessel fleet emits only 0.1% of the CO2, highlighting its role in promoting a cleaner marine environment.

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's 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 plays a crucial role in supporting high-impact ventures. Its design caters explicitly to investments that promote sustainability and positive social outcomes. This focus seamlessly aligns with XOCEAN's mission of advancing the sustainable development of the oceans. The platform's user-friendly interface and extensive support services streamlined XOCEAN's fundraising process, connecting the company with investors committed to environmental and social progress.

Additionally, Venturebeam, alongside Wallace Corporate Counsel, provided financial advisory services to XOCEAN, further facilitating this successful funding round.