XOCEAN Valuation, Funding & Investors

XOCEAN is valued at $116M as of September 2021.

Last XOCEAN valuation

$116M

Series A · Sep 2021

Last XOCEAN funding round

$119M

Series C · Jan 2025

Cumulative funding XOCEAN raised

$170M

across 5 funding rounds

Key investors in XOCEAN

  • Enterprise Ireland
  • Venturewave Capital
  • Chris Huskilson
  • Endeavor Catalyst
  • S2G Investments
  • Morgan Stanley

XOCEAN Overview

About XOCEAN

XOCEAN is an Aberdeen-headquartered ocean data firm deploying autonomous surface vessels for seabed mapping and metocean surveys worldwide. The company completes projects for offshore wind developers and oil majors, processing multibeam sonar data to deliver 1cm resolution bathymetry covering thousands of square kilometers annually.


Founded

2017

HQ

IrelandCarlingford

Website

xocean.com

Status

Privately held

Customer focus

B2B

Revenue model

Services

Valuation

$116M (Sep 2021)

XOCEAN Valuation

XOCEAN is currently valued at $116M, based on its Series A in September 2021.

The $9M round was led by Venturewave Capital, with participation from Chris Huskilson and Enterprise Ireland.

XOCEAN valuation by funding round

XOCEAN valuation by funding round
DateStageValuation
Sep 2021Series A$116M

XOCEAN Funding History

XOCEAN has raised a total of $170M across 5 funding rounds.

XOCEAN's first fundraising round was a $600K angel round in June 2019. The most recent completed round was a $119M Series C in January 2025.

XOCEAN funding rounds

XOCEAN funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2025Series CClimate Investment; CC Industries; Morgan Stanley; S2G Investments$119M-XOCEAN is an Irish ocean data company founded in 2017, specializing in low-carbon data collection using a fleet of uncrewed surface vessels (USVs) for offshore energy, civil hydrography, seabed mapping, environmental monitoring, asset integrity, CCUS projects, and subsea interconnections. The USVs emit 0.1% of the CO2 of traditional manned vessels and serve clients like Ørsted, SSE Renewables, BP, Shell, and government entities across 23 regions, having collected over 4.9 gigabytes of data and supported 48.6 gigawatts of offshore wind development. On January 9, 2025, XOCEAN closed a €115 million (approximately $119 million) Private Equity funding round led by S2G Ventures, with participation from Climate Investment, Morgan Stanley’s 1GT fund, and an affiliate of CC Industries. This round brings total funding raised to around $173-189 million across 8 rounds. The new capital will fuel global expansion, product innovation, and growth in blue economy sectors amid rising demand for ocean data driven by offshore wind (projected to exceed 250 GW by 2035, a 500% increase), subsea cables, and sustainable infrastructure. XOCEAN positions itself at the energy-oceans intersection, delivering geophysical data cost-effectively and with minimal environmental impact to support renewable energy transitions.
Jun 2024Series BEndeavor Catalyst (lead); Enterprise Ireland (lead); Venturewave Capital (lead)$32M-XOCEAN is an Irish ocean data company founded in 2017, specializing in low-impact robotics and uncrewed surface vessels (USVs) to collect high-resolution ocean data for industries like renewables, energy, and government agencies, operating carbon-neutrally with 0.1% of the CO2 emissions of conventional vessels. The company has harvested over 4 million gigabytes of data across 22 jurisdictions in Europe, North America, and Asia-Pacific, serving major energy firms for offshore wind development and marine safety, while preventing significant carbon emissions and seafarer exposure hours. In June 2024, XOCEAN raised an oversubscribed €30 million Series B equity round led by Venturewave Capital, with co-investors Endeavor Catalyst and Enterprise Ireland via the impact-focused Venturebeam platform, plus €20 million venture debt from the European Investment Bank to fuel international expansion, fleet scaling, and technical innovation. In January 2025, XOCEAN secured ~US$120 million from S2G Ventures for further expansion, including a new Melbourne facility and research partnerships like a Greenland voyage with the Marine Institute and University of Texas.
Sep 2021Series AVenturewave Capital (lead); Chris Huskilson; Enterprise Ireland$9M$116MXOCEAN is an Irish-based international ocean data company that operates unmanned surface vessels (USVs) to collect oceanographic data. The company had demonstrated strong operational momentum, having tripled its revenue growth for two consecutive years prior to its Series A funding round in September 2021. XOCEAN secured a €8 million Series A round led by Venturewave Capital on September 29, 2021, with the company valued at $134.25 million post-money. The funding was earmarked to accelerate market growth, with ambitious plans to increase headcount from over 100 employees to 350 within 24 months and triple the fleet size to over 60 USVs. Beyond commercial objectives, XOCEAN projected significant environmental and safety benefits, targeting the displacement of one million tons of carbon emissions over five years while avoiding over five million seafarer exposure hours.
Nov 2019Series A-$9M-XOCEAN is an Irish ocean data company founded in 2017 that transforms ocean data collection using Unmanned Surface Vessels (USVs) for mapping seabeds, inspecting subsea structures, and monitoring environments. The company delivers turnkey ocean data services to clients including BP, Equinor, PX Group, and the UK Maritime and Coastguard Agency. XOCEAN operates USVs in the UK, Azerbaijan, Trinidad, and Canada. On November 20, 2019, XOCEAN completed a €7.9 million funding round fully subscribed by existing shareholders to support international scaling plans. The funding enables building 22 additional USVs over the next 12 months and recruiting 140 more employees to meet market demand. CEO James Ives highlighted strong demand for USVs due to safety, 24/7 efficiency, low emissions, and economic savings for customers.
Jun 2019AngelChris Huskilson (lead); Creative Destruction Lab (CDL)$600K--

Who has invested in XOCEAN?

9 investors have backed XOCEAN across its funding rounds, including Enterprise Ireland, Venturewave Capital, Chris Huskilson, Endeavor Catalyst, S2G Investments and Morgan Stanley.

Lead investors include Endeavor Catalyst, Enterprise Ireland, Venturewave Capital and Chris Huskilson.


XOCEAN Investors

Investors in XOCEAN by funding rounds participated
InvestorHQRoundsRoleFirst check
Chris HuskilsonCanadaCanada2LeadJun 2019
Enterprise IrelandIrelandDublin2LeadSep 2021
Venturewave CapitalIrelandDublin2LeadSep 2021
Climate InvestmentUnited KingdomLondon1ParticipantJan 2025
CC IndustriesUnited StatesChicago, IL1ParticipantJan 2025
Creative Destruction Lab (CDL)CanadaToronto1ParticipantJun 2019
Endeavor CatalystUnited StatesNew York City, NY1LeadJun 2024

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XOCEAN Competitors

XOCEAN competitors include listed companies like Innoviz, Safe Pro Group and iMotion Automotive Tech, and private ones like Pan American Drone, DeFli Networks and OWL Autonomous Imaging.

Public and private companies comparable to XOCEAN
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Pan American DroneUnited StatesAustin, TXPrivate--$100M-
InnovizGermanyGermanyPublicly listed$55M($62M)$96M1.3x
Safe Pro GroupUnited StatesUnited StatesPublicly listed$607K($14M)$93M16.1x
DeFli NetworksUnited StatesNew York City, NYPrivate$9M-$82M9.1x
iMotion Automotive TechChinaChinaPublicly listed$149M($58M)$71M0.5x
OWL Autonomous ImagingUnited StatesRochester, NYPrivate--$70M-

XOCEAN Public Comps

XOCEAN is still privately-owned, but its public comps include Minieye Technology, VIGO Photonics, HUHUTECH, Petrolina, Kudan, La Francaise de l'Energie, NWF Group, AleAnna, Firefly and Xtract One Technologies.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Minieye Technology$113M($57M)0.5x0.3x(0.9x)(1.4x)
VIGO Photonics$25M$3M5.0x3.9x45.7x23.5x
HUHUTECH$21M($17M)5.2x-(6.7x)-
Petrolina$644M$33M0.5x-10.7x-
Kudan$8M($1M)12.1x13.3x(79.7x)-
La Francaise de l'Energie$35M$17M6.7x6.1x14.2x16.4x
NWF Group$1.2B$52M0.1x0.1x3.6x3.6x
AleAnna$25M$6M4.8x-20.7x-

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Common questions about XOCEAN

When was XOCEAN founded?XOCEAN was founded in 2017.
Where is XOCEAN headquartered?XOCEAN is headquartered in Carlingford, Ireland.
Is XOCEAN publicly listed?No, XOCEAN is a private, VC-backed company.
What is XOCEAN's valuation?XOCEAN was last valued at $116M in its Series A in September 2021.
How much funding has XOCEAN raised?XOCEAN has raised $170M across 5 funding rounds.
What was XOCEAN's last funding round?XOCEAN's last funding round was a $119M Series C in January 2025.
Who are XOCEAN's investors?XOCEAN's investors include Chris Huskilson, Enterprise Ireland, Venturewave Capital, Climate Investment, CC Industries, Creative Destruction Lab (CDL), Endeavor Catalyst, Morgan Stanley and S2G Investments.
Which companies are comparable to XOCEAN?Companies comparable to XOCEAN include Pan American Drone, Innoviz, Safe Pro Group, DeFli Networks, iMotion Automotive Tech and OWL Autonomous Imaging.

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