# Rovco

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/rovco

- Industry: Oil & Gas
- Headquarters: Bristol, UK
- Website: www.rovco.com
- Total disclosed funding: $28M
- Latest round: Series B (Mar 31, 2022)
- Investors on record: 9

## About

Rovco Limited is a technology-driven company specializing in automating offshore wind operations through AI and robotics. They provide advanced solutions designed to enhance efficiency and safety in subsea inspections and marine site characterizations.Founded in 2015 in Bristol, UK, Rovco Limited focuses on delivering innovative technology solutions for the offshore wind industry. The company has secured a total of 7 deals, with its most recent funding round on April 26, 2024, raising GBP 30.6 million from investors including Equinor Ventures and RWE Supply & Trading. Brian Allen serves as the CEO, guiding the firm through its strategic growth in a competitive sector.Rovco Limited specializes in automating offshore wind operations through advanced technology solutions, focusing on AI-driven robotics and data collection systems. Their core offerings include Scout, an AI-powered autonomous underwater vehicle (AUV) engineered for subsea inspections, alongside comprehensive marine site characterization surveys involving geophysical, hydrographic, and geotechnical assessments. These services aim to bolster operational efficiency and safety in the offshore wind sector, catering to a diverse clientele that encompasses energy companies, engineering firms, and environmental agencies. Rovco's technology addresses the various challenges associated with the lifecycle of wind farms, including development, maintenance, and decommissioning, with a marketing emphasis on Europe and North America, while also pursuing a growing presence in Asia.In the most recent fiscal year of 2017, Rovco Limited generated revenue amounting to GBP 294,824.1, with an EBITDA of GBP 3,366.4. The company's revenue streams are driven through service contracts and partnerships within the renewable energy sector, reflecting the complexity of their engagements and the tailored nature of their solutions.Following its recent funding round on April 26, 2024, where Rovco Limited raised GBP 30.6 million, the company plans to utilize the resources to expand internationally and enhance its autonomy and AI software teams. This funding will support the advancement of technologies aimed at the offshore wind industry. Rovco is also focusing on launching new products designed to improve operational efficiency in wind farm projects and is targeting expansion into specific international markets as part of its growth strategy.

## Funding rounds

- Series B, Mar 31, 2022, $20M — Foresight Group, Legal & General Investment Management, In-Q-Tel, Martlet Capital, Equinor Ventures
- Series A, Jan 25, 2021 — Foresight Group, Green Angel Syndicate
- Series A, Dec 20, 2019, $6.5M — Foresight Group, Green Angel Syndicate
- Seed, Apr 26, 2018, $1.6M — Cambridge Angels Group, Green Angel Syndicate, Bristol Private Equity Club
- Seed, Nov 7, 2017, $0.2M — Sustainable Ventures

## Investors

- Sustainable Ventures (https://capitalatlas.ai/funds/sustainable-ventures) — Seed
- Cambridge Angels Group — Seed
- Green Angel Syndicate (https://capitalatlas.ai/funds/green-angel-syndicate) — Seed, Series A
- Bristol Private Equity Club (https://capitalatlas.ai/funds/bristol-private-equity-club) — Seed
- Foresight Group (https://capitalatlas.ai/funds/foresight-group) — Series A, Series B
- Legal & General Investment Management (https://capitalatlas.ai/funds/legal-general-investment-management) — Series B
- In-Q-Tel (https://capitalatlas.ai/funds/in-q-tel) — Series B
- Martlet Capital (https://capitalatlas.ai/funds/martlet-capital) — Series B
- Equinor Ventures — Series B