Rovco has secured a GBP 1.2 million funding for the launch of its new live 3D subsea survey system, which is said to cut down the cost of underwater inspections and maintenance.
According to Rovco, the system uses real-time 3D vision and Artificial Intelligence data analysis and has been developed to manage the increased complexity of subsea operations.
UK-based investment houses, Green Angel Syndicate, Cambridge Angels and Bristol Private Equity Club, have supported the company, which says that the funding is expected to bring its latest inspection technology to the global energy market and grow its headcount from 10 to 30 employees within the next year.
Following two years of research and development activity, the new technology is scheduled to begin field trials this month.
Rovco also plans to add three new remotely operated vehicles (ROVs) to its fleet within the next six months in order to meet an increased market demand for subsea inspection around offshore wind farms, pipelines and cables.
“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," Brian Allen, founder and CEO of Rovco.
“This latest financial backing will not only allow us to accelerate our growth plans, but it will see us work alongside some of the UK’s most well-established and knowledgeable business leaders whose industry experience will be extremely valuable in the next stage of our development.”