Xocean, an Irish marine robotics startup, has raised €115 million ($119 million) in funding to expand its ocean data coverage to new sectors, including wind energy, asset integrity assurance, carbon capture, usage, and storage (CCUS), and civil hydrography. The company, founded in 2017, uses uncrewed surface vessels (USVs) to provide ocean data to the energy and hydrography industries.

Xocean's USVs are remotely controlled and equipped with sensors that capture high-resolution datasets, including depth and seafloor topography, subsurface sediment layers, and geological structure data. The company's technology has attracted big-name customers, including BP, Shell, and various government agencies. Xocean's founder and CEO, James Ives, aims to deliver data that drives the sustainable development of the oceans in a safe, cost-effective, and ultra-low-impact way.

The funding comes at an opportune moment, as the startup landscape is shifting towards autonomous and robotics startups. Additionally, some venture capitalists are rethinking their investment thesis in climate tech startups, focusing on solutions that can generate revenue today. Xocean's technology ticks that box, making it an attractive investment opportunity.

Oceans play a critical role in regulating the Earth's climate, and they're also ideal locations for hosting wind farms and infrastructure for transferring data around the globe. Xocean's data is used to monitor environmental changes, establish the best location for new wind turbine installations, and run maintenance. With its fresh cash injection, the company plans to expand its geographic presence and coverage across multiple offshore segments.

Xocean has now raised around $189 million since its inception. The latest investment was backed by S2G Ventures, a climate tech investment firm, as well as Climate Investment (CI), Morgan Stanley's 1GT fund, and an affiliate of the Crown family's CC Industries (CCI). The funding will enable Xocean to accelerate its growth and expansion plans, further solidifying its position as a leader in the ocean data space.

The investment in Xocean is a significant indicator of the growing interest in climate tech startups that can provide tangible solutions to environmental challenges. As the world continues to grapple with the impacts of climate change, startups like Xocean are poised to play a critical role in driving sustainable development and innovation in the ocean data space.

With its cutting-edge technology and expanding coverage, Xocean is well-positioned to make a significant impact in the industries it serves. As the company continues to grow and expand, it will be interesting to see how its technology is adopted and integrated into various sectors, ultimately driving the sustainable development of our oceans.