Green Angel Syndicate investment brings live subsea tech to global energy market
Subsea services company, Rovco, is on track to rapidly grow its share of the global subsea market after securing angel investment. This will enable the firm to launch its cutting-edge live 3D visual subsea inspection systems, which could significantly reduce the time taken to complete subsea surveys and cut inspection costs by 80%.
The company has secured the backing of Green Angel Syndicate – the only angel syndicate in the UK specialising in green investment. Part of a multiple investment deal, the funds will see Rovco bring its latest inspection technology to the global energy market.
Rovco has tripled in size since launching less than two years ago and is now setting its sights on becoming a market leader within five years. The company plans to grow its headcount from 16 to 35 employees within the next year and achieving this will put its future estimated export revenue at £20m per year.
Following two years of extensive research and development activity, the new technology began field trials last 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.
To meet an increased market demand for subsea inspection around offshore wind farms, pipelines and cables, Rovco is adding three new Remotely Operated Vehicles (ROVs) to its fleet over the next three 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. 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.”
Cam Ross, Director of Green Angel Syndicate, said, “We are hugely excited by Rovco’s potential to boost the efficiency of the UK and global offshore wind energy supply. It’s a market which we believe will continue to see significant growth in the coming years, and we are delighted to support the Rovco team.”