Ocean data company XOCEAN announced that it has raised €115 million (USD$118 million) in a new funding round. The company said it will use the funds to expand its services globally, and develop new products and services, to address demand for high-quality data solutions across the blue economy.

Founded in 2017, Ireland-based XOCEAN provides ocean data to the offshore energy and civil hydrography sectors. The company specializes in collecting and delivering data on the ocean for use by the blue economy, a sector defined by the World Bank as the “sustainable use of ocean resources for improved livelihoods and jobs, and ocean ecosystem health.” Blue economy-related activities encompass a wide variety of areas, including renewable energy, fisheries, maritime transport, tourism and waste management.

Among the users of XOCEAN’s services are companies in the offshore energy and civil hydrography sectors, including SSE Renewables, Ørsted, bp and Shell. The company collects data via a fleet of remotely operated Uncrewed Surface Vessels (USVs) which emit just 0.1% of the CO2 of incumbent manned surveying vessels, according to company data.

XOCEAN said that it expects demand for ocean data services to grow significantly over the coming decade as the blue economy becomes a greater focus for capital deployment. The offshore wind sector is a key factor in this growth, with global installed capacity projected to grow by more than 500%. Beyond wind, the inspection of aging legacy offshore infrastructure, the development of offshore carbon capture and storage (CCUS) facilities, and the expanding needs of civil hydrography are all fueling further demand, the company said.

XOCEAN Founder and CEO James Ives said:

“Our mission is to deliver data that drives the sustainable development of our oceans in a safe, cost-effective, and ultra-low-impact way. Today, we are providing this service for many of the world’s largest energy companies, supporting the development of clean renewable energy globally.”

XOCEAN said that it has collected and processed over 4.9 million gigabytes of data, and has supported over 48.6 GWs of offshore wind development. The company also supports asset integrity monitoring of existing energy infrastructure, CCUS project development, subsea electrical and data interconnections, and government agencies, it said.

The financing was funded by S2G Ventures to structure the round, which was funded by S2G, Climate Investment, Morgan Stanley’s 1GT fund, and an affiliate of the Crown Family’s CC Industries.

Dr. Francis O’Sullivan, Managing Director for S2G, said:

“We believe this investment represents a distinct opportunity at the intersection of the energy and oceans sectors. Working with many of the world’s leading energy companies, XOCEAN has reimagined how the geophysical data central to unlocking the blue economy’s potential can be delivered.”