Subsea technology firm Rovco has closed a £5m funding round led by Foresight Williams Technology EIS Fund.
The funds will be used to support Rovco’s international expansion and continued development of its state-of-the-art 3D computer vision and artificial intelligence subsea technology.
Jerry Barnes, CEO and founder of Bristol Private Equity Club, which has now invested a total of £930,000 in Rovco since 2018, said the latest investment was another illustration of the group’s commitment to Bristol’s tech and start-up scenes.
He said: “Bristol has always been a desirable location for people and businesses alike, and over the last ten years or so it has carved itself a reputation as one of the premier locations outside London for tech companies to base themselves.
“As an organisation, BPEC is focused on investing in those companies with the potential to scale up rapidly with our support and continue to generate employment, wealth and other opportunities right here in Bristol.”
Utilising its SubSLAM technology, Rovco has carried out many subsea projects across the renewables and oil and gas industries globally. In 2019 the company marked a milestone, investing heavily into research and development to create a world-first in subsea 3D Live-Streaming to propel the business forward.
Brian Allen, founder and CEO of Rovco, said: “Rovco is an ever-expanding and innovative organisation.
“We have seen incredible success throughout the last year and this additional investment will offer us the opportunity to continue in our quest to deliver state-of-the-art technology to our given markets and allow us to invest in our team.
“We are grateful for BPEC’s continued confidence in our business and look forward to making 2020 another successful year.”
Formed in 2015, Rovco is changing the way underwater work is performed and pushing the boundaries of subsea technology, investing heavily in the development of an artificial intelligence-driven data platform and live 3D vision systems for subsea robotics.
The company has the resources and expertise to deliver challenging projects across the globe, delivering the highest quality data.