Thursday, June 30, 2022

Vaarst raises $20 million to drive next-generation technology adoption in marine industries

Vaarst are proud and excited to announce that we have closed on the first $20million of our Series B round led by energy transition investor Legal & General Capital, alongside the venture capital arm of the international energy company Equinor. Existing shareholder Foresight Group also participated alongside In-Q-Tel, Inc., the strategic investor for the US intelligence and defence communities and allied nations.

We are a leading provider of subsea 3D computer vision technologies; supporting the offshore wind, wave & tidal, scientific, maritime security, and civils industries. By bringing cutting-edge AI-based technology, we are revolutionising how offshore industries manage subsea infrastructure and improve asset integrity.  

Our sister company Rovco – which also benefits from the fundraise – delivers this technology into the energy transition space, mainly focused on its use for subsea surveys in offshore wind and oil field decommissioning.  The group’s existing customers include energy giants Iberdrola and SSE and ocean services provider, DeepOcean.

Our ground-breaking technology is designed to substantially lower the costs of marine operations and present seabed information simultaneously to any device in the world in real time. At present, typical costs for a single service vessel working on a maritime asset can reach up to $10m per month, which is both labour and cost intensive. Our technology can help reduce the numbers of people at sea, while improving the data insights gained from offshore robots.

The investment will allow us to expand our pioneering work in the field of computer vision and data management, as well as supporting the group’s major globalisation plans. This includes expansion to Austin, Texas and Tokyo, Japan, as well as increasing its presence across Europe. Investors cited these growth ambitions as a major factor in the investment decision, identifying the significant opportunity within the marine infrastructure sector, which comprises 10% of all global infrastructure.

Brian Allen, CEO at Vaarst, said: “We’re delighted to have gained the support of some of the industry’s leading businesses and investors to help us execute on our vision – to change the way we conduct over the horizon robotic operations. In doing so, we will not only help the marine industries become safer and more profitable, but will make the investment case for the energy transition more attractive, accelerating the journey to net zero.

“When Vaarst was founded, we looked to bring the latest innovation to the marine survey sector to help drive efficiencies – making them quicker, safer, and more cost effective. As we’ve grown and developed, our technology has become increasingly advanced and its potential to transform other sectors has become ever clearer. 

John Bromley, Head of Clean Energy at Legal & General Capital said “Our clean energy platform continues to grow, entering new sectors and supporting the growth of innovative new technologies.  Rovco and Vaarst are exciting companies which will help further support the global energy transition by supporting the long-term integrity of maritime assets, reducing costs, improving safety and speeding up processes. We are excited by their huge potential internationally and the synergies this could bring as we look to the international expansion of our investment in renewable infrastructure such as offshore wind” 

Gareth Burns, head of Equinor Ventures said: “Rovco and Vaarst are technology companies that can enable safer offshore operations at a lower cost, which could enable the further expansion of offshore wind. Equinor Ventures looks forward to working with the company on the transition into fully autonomous subsea operations.” 

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