Bristol-based Rovco has received £400,000 investment from the Bristol Private Equity Club.
Founded in 2016, the company develops 3D-vision and artificial intelligence techniques for sub-sea inspections.
It will use the funds to expand its team from 10 to 30 members over the next 12 months as it continues to develop technologies for use in the offshore renewable industry and oil field decommissioning.
Rovco’s technology has the potential to offer a low-cost, easy-to-maintain replacement for high-res video cameras to carry out underwater inspections for offshore windfarms and on underwater pipelines and cables.
“The only real way for a business like ours to be successful is to sell equity and work in partnership with our new shareholders,” said founder and chief executive Brian Allen.
“This investment from Bristol Private Equity Club links us with 19 well-established successful business people from the Bristol area and enables us to plug into their network as we grow.
“The club is absolutely brilliant to work with and is extremely well organised and we like the idea that it is all Bristol business people involved.”
Founded in May 2016, Bristol Private Equity Club has grown from six investor-members to 70 members. The club offers equity funding between £100,000 and £500,000. The team has made investments of more than £2.7million in two years.
“We feel that Rovco and the Bristol Private Equity Club are a perfect fit,” said Bristol Private Equity Club founding member Jerry Barnes.
“There is no doubt that they are developing technology that is going to make a real difference in important industries and that the business can scale-up very quickly.”