Subsea technology firm, Rovco, has announced a £3.9 million Series A investment from Foresight group via the Foresight Williams Technology EIS Fund and Foresight VCTs.
The investment was part of a larger round totalling £5 million which included funds from existing shareholders.
The funds will be used to support its international expansion and Rovco’s continued development of its state-of-the-art 3D Computer Vision and Artificial Intelligence subsea technology.
Brian Allen, CEO and founder of Rovco, said: “We are extremely pleased to welcome Foresight Group and Williams Advanced Engineering as new shareholders in our company. Bringing a major private equity investor alongside a world-renowned engineering company will be of extraordinary benefit to Rovco. We look forward to working with each of them as we expand the business and continue our success into 2020!”
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 added: “2019 was an incredible year for Rovco, we had a hugely successful period when we saw several project and contract wins creating secured current and forward revenue of more than £10 million. We are now setting our sights on a new major base in Scotland along with new offices for the USA and Asia markets.”
Leading the round, the Foresight Williams Technology EIS Fund is a unique collaboration that combines the Williams Advanced Engineering team's expertise with Foresight’s successful investment track record. The Fund invests into early-stage, unquoted companies that are developing technology and pioneering innovations.
Matthew Burke, Head of Technology Ventures at Williams Advanced Engineering, added: “We are proud to back Rovco whose pioneering SubSLAM camera technology has the potential to transform productivity in subsea surveying. I am confident that Williams’ expertise in design, development and manufacture will help to accelerate the commercialisation of the SubSLAM camera system”.
By Jake Frith