Rovco secures £3.9m Series A funding from Foresight Group to expand international operations
The investment was led by the Foresight Williams Technology EIS Fund and includes participation from existing shareholders as part of a £5m total raise.
Rovco is a subsea technology specialist that develops artificial intelligence and three-dimensional computer vision systems for underwater robotics. The firm delivers data services for clients operating in global energy markets.
Subsea technology firm Rovco has secured £3.9m in a Series A funding round backed by Foresight Group. The investment comprises contributions from the Foresight Williams Technology EIS Fund and Foresight VCTs, alongside participation from existing shareholders who contributed to a broader £5m total raise.
The fresh capital will support the company as it pursues international expansion and advances its subsea artificial intelligence and three-dimensional vision systems. Rovco has experienced strong commercial momentum following significant contract wins in the renewables and oil and gas sectors.
The transaction brings together specialised engineering expertise and private equity backing as the business scales its operations into new geographic markets. The firm plans to establish new bases in Scotland, the United States and Asia following a period of sustained revenue growth.
From the founder
"We are extremely pleased to welcome Foresight Group and Williams Advanced Engineering as new shareholders in our company. Bringing a major private equity investor alongside a world-renowned engineering company will be of extraordinary benefit to Rovco. We look forward to working with each of them as we expand the business and continue our success into 2020!"
Brian Allen
CEO and founder at Rovco
Investor perspective
"Rovco has developed technology offering game-changing improvements in an industry that really needs it. It is a large international market and Rovco has already generated early interest from some prominent customers, which hints at a substantial opportunity, and we are delighted to be able to support the team as they seek to capitalise. It is great to support another company which epitomises the spirit of the Foresight Williams collaboration."
Andrew Bloxam
Senior Investment Manager, Foresight Group
Use of funds
- 01Expand into international markets
- 02Fund research and development
Investors
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About the company
Rovco
Rovco provides advanced subsea computer vision and artificial intelligence technology for marine industries.