Aberdeen-based HonuWorx has secured a seven-figure investment to boost its underwater robotics technology.
The company said it plans to cut costs and emissions for offshore repair and inspection work through the fleet of autonomous, all-electric submarines.
TRICAPITAL Angels and Scottish Enterprise led the investment round in HonuWorx, with additional funding from the UK Innovation and Science Seed Fund (UKI2S), which invested in the company for the second time.
“We look forward to working with TRICAPITAL and Scottish Enterprise and to have the continued backing of UKI2S in our journey to change the game for underwater robotics,” said HonuWorx Chief Executive, Lee Wilson .
“We’re building on decades of pioneering subsea advancements out of our home-base of Aberdeen, and we look forward to offering new investors the chance to join us later this year.”
The funding comes ahead of a planned capital raise later this year, aimed at supporting the company’s expansion plans.
HonuWorx intends to secure a 20% global market share within the next decade through its Loggerhead submarine systems. These submarines deploy remotely operated vehicles (ROVs) from a mothership submarine at sites like wind farms or oil fields, with operators controlling the vehicles remotely from onshore control rooms.
The system, which uses advanced communications technology and AI, offers cost reductions and can replace diesel-powered vessels, potentially eliminating emissions equivalent to 4,000 cars per vessel displaced.
Kerry Sharp , Director of Entrepreneurship and Investment at Scottish Enterprise added: “HonuWorx is ideally placed to exploit the vast global opportunities presented by the evolving underwater energy sector with its pioneering, low-emissions technology. The energy transition has been identified within our new approach as a key opportunity area for the Scottish economy and supply chain companies such as HonuWorx will be vital to its success.”
The company also said it plans to treble the workforce from the current number of 12 employees over the next two to three years and is seeking over £30 million in additional investment to support its growth.
In June 2023, HonuWorx collaborated with Canadian Cellula Robotics to carry out a series of technology demonstrations using an extra-large uncrewed underwater vehicle (XLUUV). In September of that same year, Canada’s Cellula Robotics commenced sea trials of the XLUUV , which featured hydrogen fuel cell technology.