Irish Startup XOcean Raises $119M to Revolutionize Ocean Data Collection for Renewable Energy

Irish Startup XOcean Secures $119 Million for Ocean Data Services

XOcean, an Irish startup specializing in low-carbon ocean data collection for offshore wind and hydrography, has successfully raised $119 million in funding. The company, founded and led by CEO James Ives, aims to expand its services and accelerate product innovation with this significant investment.

Launched in 2017, XOcean has developed a fleet of remotely controlled uncrewed surface vessels (USVs) equipped with advanced sensors. These USVs capture crucial geophysical ocean data, providing valuable insights into seafloor topography and ocean floor sediments. The company’s innovative CyberDeck cloud platform allows users to monitor and control the USVs remotely while analyzing the quality of collected data in real-time.

XOcean’s clientele includes major energy companies such as BP, Shell, and SSE Renewables. By supporting the development of clean, renewable energy sources globally, the company plays a vital role in the transition to more sustainable power generation. This shift is particularly significant as the demand for cleaner energy sources, including wind and nuclear, continues to grow in support of the burgeoning AI industry.

The funding round, structured in partnership with S2G Ventures, attracted backing from notable investors including Climate Investment and Morgan Stanley’s 1GT climate fund. XOcean plans to utilize this capital to expand its geographical reach and further enhance its product offerings.

To secure this substantial funding, XOcean employed a concise 10-slide pitch deck, demonstrating the company’s ability to effectively communicate its value proposition to investors.

As the world increasingly focuses on sustainable energy solutions, XOcean’s innovative approach to ocean data collection positions the company at the forefront of the offshore renewable energy sector. With this latest injection of capital, XOcean is poised to make significant strides in supporting the global transition to cleaner energy sources.