Rovco Secures Funding for Live 3D Subsea Tech Launch
Rovco, a subsea services company, has secured a £1.2m investment, enabling the firm to launch its advanced live 3D subsea survey system and triple its workforce.
The company has attracted backing from three UK-based investment houses, Green Angel Syndicate, Cambridge Angels and Bristol Private Equity Club.
The funds will see Rovco bring its latest inspection technology to the global energy market, and grow its headcount from 10 to 30 employees within the next year, the company informed.
Following two years of extensive research and development activity, the new technology will begin field trials this month.
The system has been developed to effectively manage the increasing complexity of subsea operations, using real-time 3D vision and AI data analysis to cut the cost of underwater inspections and maintenance.
Rovco also plans to add three new ROVs to its fleet within the next six months.
Brian Allen, founder and CEO of Rovco, said: “We have entered the second quarter of 2018 with a strong pipeline of sales and we are extremely confident in our ability to grow our client base both in the UK and overseas. Despite the ongoing market challenges, we have continued to invest in R&D to ensure we deliver high quality and efficient services in several key and growing international markets.”