Subsea services company, Rovco is on track to rapidly grow its share of the global subsea market after securing a £1.2m investment, enabling the firm to launch its advanced live 3D subsea survey system and triple its workforce.
The company has attracted backing from three UK-based investment houses, Green Angel Syndicate, Cambridge Angels and Bristol Private Equity Club. The funds will see Rovco 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 extensive research and development activity, the new technology will begin field trials this 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 windfarms, pipelines and cables, Rovco also plans to add three new ROVs to its fleet within the next six 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. 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. 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 wellestablished and knowledgeable business leaders whose industry experience will be extremely valuable in the next stage of our development."
Launched in 2016, Rovco aims to become a leading ROV and inspection company within the next two years, with expertise and capacity to carry out underwater inspection projects across the globe.