Vaarst raises $20 million to accelerate the adoption of next-generation technology in the marine industry. VAARST is the world’s largest provider of subsea 3D computer vision solutions, serving the offshore wind, wave and tidal, scientific, marine security, and civils industries. They are revolutionizing how offshore companies manage subsea infrastructure and improving asset integrity by using cutting-edge AI-based technologies.
Rovco, a sister firm that also benefits from the fundraise, brings this technology into the energy transition space, primarily for subsea surveys in offshore wind and oil field decommissioning. Existing customers include energy conglomerates Iberdrola and SSE, as well as ocean services company DeepOcean.
We’re happy to have acquired the backing of some of the industry’s premier firms and investors to help us execute on our ambition – to alter the way we conduct over the horizon robotic operations,” said Brian Allen, CEO of Vaarst. By doing so, we will not only assist the maritime sectors become safer and more profitable, but we will also make the investment case for the energy transition more appealing, hastening the move to net zero.
When Vaarst was created, we wanted to introduce the newest innovation to the maritime survey sector to assist drive efficiency – making them quicker, safer, and more cost effective. As we grew and matured, our technology became more advanced, and its potential to disrupt other industries became evident.
said Brian Allen, CEO of Vaarst
This ground-breaking technology is intended to significantly reduce the expenses of maritime operations while simultaneously presenting seabed information to any device in the globe in real-time. At the moment, the median monthly cost for a single service vessel operating on a maritime asset might approach $10 million, which is both labor and expense-heavy. Their solution has the potential to minimize the number of personnel at sea while also boosting the data insights obtained by offshore robots.
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Our renewable energy platform is expanding, penetrating new markets and fostering the development of creative new technologies. Rovco and Vaarst are fascinating firms that will contribute to the worldwide energy revolution by ensuring the long-term integrity of marine assets, lowering costs, enhancing safety, and expediting operations. We are encouraged by their enormous worldwide potential and the synergies that may result as we consider international extension of our investment in renewable infrastructure such as offshore wind.
John Bromley, Head of Clean Energy at Legal & General Capital said
The funding (Vaarst raises $20 million) will enable VAARST to develop its pioneering work in computer vision and data management while also supporting the group’s big globalization objectives. This includes expanding to Austin, Texas, and Tokyo, Japan, as well as expanding its footprint throughout Europe. Investors identified these expansion goals as a crucial component in their investment choice, recognizing the tremendous possibility within the maritime infrastructure industry, which accounts for 10% of all worldwide infrastructure.
Rovco and Vaarst are technological businesses that can enable safer offshore operations at a reduced cost, perhaps allowing for greater offshore wind growth. Equinor Ventures is excited to collaborate with the firm on its transition to completely autonomous subsea operations.
Gareth Burns, head of Equinor Ventures said
For more information, please contact us at marketing@vaarst.com
