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- XOCEAN
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
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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Sep 2021 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2025 | Series C | Climate 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 2024 | Series B | Endeavor 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 2021 | Series A | Venturewave Capital (lead); Chris Huskilson; Enterprise Ireland | $9M | $116M | XOCEAN 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 2019 | Series 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 2019 | Angel | Chris 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jun 2019 | ||
| 2 | Lead | Sep 2021 | ||
| 2 | Lead | Sep 2021 | ||
| 1 | Participant | Jan 2025 | ||
| 1 | Participant | Jan 2025 | ||
| 1 | Participant | Jun 2019 | ||
| 1 | Lead | Jun 2024 | ||
This data is available for Pro users. Sign up to see all 9 XOCEAN investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialXOCEAN 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $100M | - | ||
| Publicly listed | $55M | ($62M) | $96M | 1.3x | ||
| Publicly listed | $607K | ($14M) | $93M | 16.1x | ||
| Private | $9M | - | $82M | 9.1x | ||
| Publicly listed | $149M | ($58M) | $71M | 0.5x | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $113M | ($57M) | 0.5x | 0.3x | (0.9x) | (1.4x) | |||
| $25M | $3M | 5.0x | 3.9x | 45.7x | 23.5x | |||
| $21M | ($17M) | 5.2x | - | (6.7x) | - | |||
| $644M | $33M | 0.5x | - | 10.7x | - | |||
| $8M | ($1M) | 12.1x | 13.3x | (79.7x) | - | |||
| $35M | $17M | 6.7x | 6.1x | 14.2x | 16.4x | |||
| $1.2B | $52M | 0.1x | 0.1x | 3.6x | 3.6x | |||
| $25M | $6M | 4.8x | - | 20.7x | - | |||
This data is available for Pro users. Sign up to see all XOCEAN competitors and their valuation data. Start Free Trial | ||||||||
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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