Vaarst secures £15.3m Series B investment led by Legal & General Capital to fund international expansion.
The Bristol based cloud robotics specialist raised the capital from backers including Legal & General Capital and Equinor Ventures to support its global growth plans.
Vaarst is a cloud robotics specialist that provides autonomy and data management solutions for offshore marine industries. The company delivers advanced artificial intelligence and underwater vision technology to assist with asset integrity and infrastructure management.
Bristol based cloud robotics firm Vaarst has secured £15.3m in a Series B funding round led by Legal & General Capital. The investment will support the company as it scales its operations internationally, with planned expansions into new markets including the United States and Japan.
Participation in the round also came from Equinor Ventures, alongside existing backer Foresight Group and strategic intelligence investor In-Q-Tel. Sister company Rovco is also set to benefit from the capital injection as both businesses continue to develop technology aimed at improving safety and reducing costs across marine renewable energy projects.
From the founder
"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."
Brian Allen
CEO at Vaarst
Investor perspective
"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"
John Bromley
Managing Director, Clean Energy, Legal & General Capital
Use of funds
- 01Expand into international markets
Investors
Categories
About the company
Vaarst
Vaarst provides cloud managed robotics and autonomy for marine industries.