An offshore and subsea technology firm with almost £50m funding is to enter administration.
All 100+ staff across the Bristol, Edinburgh, Aberdeen and US offices of Beam, trading as Rovco Ltd, are to be made redundant.
The firm, founded as Rovco by Brian Allen in Bristol in 2016, provided services to the offshore wind sector via underwater robotic vessels.
Allen then launched AI company Vaarst in 2021. The two companies were merged in September 2024.
Despite reporting a £8.1m loss before tax in 2023 and £8.7m loss in 2022, it had plans to expand to the US and Asia.
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Head of talent acquisition and crewing James Reynolds wrote on social media yesterday: “Today marks the end of Beam. As of today, all employees have been made redundant.
“[It has been] one of the most rewarding chapters of my caree… from the offshore crews who braved tough conditions, to the robotics and computer vision engineers pushing the boundaries of innovation, to the brilliant minds in marketing, sales, and every team in between – it has been an honour to work alongside you.”
Rovco raised almost £50m from investors across three funding rounds from 2019-2024, with backers including Foresight Group, Equinor and US-based IQT.
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