IMAP Ireland represented Irish international ocean data company, XOCEAN, on their recent raising of €8 million of new equity to accelerate its growth plans. Valued in excess of €100 million, carbon neutral XOCEAN is driving down emissions in the offshore industry and is delivering on its sustainability goal of displacing the emission of one million tons of carbon.
Using Uncrewed Surface Vessels (USVs), XOCEAN provides turnkey data collection services to surveyors, companies and government agencies. From mapping the seabed to environmental monitoring, XOCEAN’s platform offers a safe, economic and carbon neutral solution to ocean data collection.
Having tripled its revenue growth for two consecutive years, XOCEAN is no longer just an industry disrupter but a serious contender within the market. The new funding will accelerate their growth, allowing XOCEAN to continue to scale up operations. With ambitious plans to increase headcount from over 100 staff to 350 in the next 24 months whilst tripling the size of their fleet to over 60 USVs, the business will displace the emission of one million tons of carbon within the next five years alone, whilst simultaneously improving safety by avoiding over five million seafarer exposure hours.
The investment round was led by VentureWave Capital, who launched their “Impact Ireland” fund in June 2020 and works with high growth companies to invest and build global ‘technology for good’ that will deliver real societal benefits. Existing shareholders also participated in the funding round.
The IMAP Ireland team, led by Richard Tunney and Saif Shubana, advised XOCEAN throughout the fundraise.