XOCEAN secures €115M investment to grow ocean data services platform

The company partnered with S2G Ventures (S2G) to structure the round, which was funded by S2G, Climate Investment, Morgan Stanley’s 1GT fund, and an affiliate of the Crown Family’s CC Industries (CCI).

The financing will support XOCEAN in accelerating the growth of its platform servicing the offshore energy and civil hydrography sectors. It will also help enable the company’s geographic expansion and product innovation efforts to meet the rapidly growing demand for high-quality data solutions across the blue economy. 

Founded in Ireland in 2017, XOCEAN uses uncrewed surface vessels to provide clients with a flexible, cost-effective solution for the delivery of offshore geophysical data. 

XOCEAN founder and chief executive 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 S2G, Climate Investment, Morgan Stanley and CCI have chosen to join us on this exciting journey. While we embark on the next phase of growth journey, I would like to thank our early shareholders for their support and belief in our mission.”