XOCEAN has raised €115 million as it looks to accelerate growth of its ocean data services platform

XOCEAN, an Irish company specializing in ocean data, has raised €115 million to fuel its global expansion and product development. The company, founded in 2017, uses uncrewed surface vessels (USVs) to collect offshore geophysical data for industries like renewable energy and civil hydrography. This new funding round was structured with the help of S2G Ventures and supported by other key investors, including Climate Investment, Morgan Stanley’s 1GT fund, and an affiliate of the Crown Family’s CC Industries.

XOCEAN’s innovative USV technology offers a sustainable and cost-effective way to gather ocean data. These remotely operated vessels run with minimal carbon emissions—just 0.1% of the emissions from traditional manned survey ships. Equipped with advanced sensors, they can perform long-duration missions while transmitting data back to shore in real-time.

This approach has positioned the company as a leader in low-carbon maritime surveying, helping clients develop offshore wind farms, monitor infrastructure, and support carbon capture and storage projects.

The demand for ocean data is on the rise, driven by the growing blue economy and the rapid expansion of offshore wind energy, which is expected to increase fivefold by 2035. XOCEAN has played a significant role in this sector, contributing to the development of over 48 gigawatts of offshore wind capacity. It also works with major energy companies like Shell, bp, and SSE Renewables, as well as various government agencies across 23 jurisdictions.

CEO James Ives emphasized the company’s mission to promote sustainable ocean development. “We are providing vital data for the world’s largest energy companies to support clean energy projects globally,” he said, expressing excitement about the support from their new investor consortium.

Investors echoed their confidence in XOCEAN’s potential. Dr. Francis O’Sullivan of S2G Ventures described the company as a pioneer in delivering geophysical data for the blue economy, while Patrick Yip of Climate Investment highlighted its innovative approach to decarbonizing maritime surveying. Morgan Stanley’s Vikram Raju noted the critical importance of high-quality data for offshore industries and praised XOCEAN’s efficiency and environmental impact.

This funding will enable XOCEAN to expand its reach across new markets and offshore sectors, supporting projects like wind energy, civil hydrography, and carbon capture. With its low-carbon, high-tech approach, the company aims to meet the growing demand for sustainable ocean data solutions.