Subsea technology firm Rovco has
received a further investment of £400,000 from Bristol Private Equity Club as
part of a larger £5 million funding round led by Foresight Williams Technology
EIS Fund.
The funds will be used to support
Rovco’s international expansion and continued development of its
state-of-the-art 3D computer vision and artificial intelligence subsea
technology.
Jerry Barnes, CEO and founder of
Bristol Private Equity Club, which has now invested a total of £930,000 in
Rovco since 2018, said the latest investment was another illustration of the
group’s commitment to Bristol’s tech and start-up scenes.
“Bristol
has always been a desirable location for people and businesses alike, and over
the last ten years or so it has carved itself a reputation as one of the
premier locations outside London for tech companies to base themselves,” he
said.
“As an
organisation, BPEC is focused on investing in those companies with the
potential to scale up rapidly with our support and continue to generate employment,
wealth and other opportunities right here in Bristol.”
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 Allen, founder and CEO of
Rovco, said: “Rovco is an ever-expanding and innovative organisation. We have
seen incredible success throughout the last year and this additional investment
will offer us the opportunity to continue in our quest to deliver
state-of-the-art technology to our given markets and allow us to invest in our
team. We are grateful for BPEC’s continued confidence in our business and look
forward to making 2020 another successful year.”
Formed in 2015, Rovco is changing
the way underwater work is performed and pushing the boundaries of subsea
technology, investing heavily in the development of an artificial intelligence-driven
data platform and live 3D vision systems for subsea robotics. The company has
the resources and expertise to deliver challenging projects across the globe,
delivering the highest quality data.
For more information on Rovco
please visit www.rovco.com
For further information on BPEC visit www.bristolprivateequityclub.com
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