The investment will support Bristol-based Rovco as it enhances its range of subsea AI and 3D services and captures a larger share of the global offshore survey market.
Through its Accelerator programme, Sustainable Ventures will also assist Rovco in building a high-profile team of industry focused non-executive directors and advisors, while supporting on additional raises of up to £3m over the next two years.
Since its launch in 2016, Rovco has made great strides to push the boundaries and change the way underwater inspections are performed. Offering a unique approach to technical subsea challenges, by adapting technologies for the underwater environment, Rovco has the tools and expertise to reduce the risks associated with asset management.
Brian Allen, CEO of Rovco commented: “This initial investment, coupled with better access to further capital, will enable us to expand our state of the art services and meet the needs and demands of the industries in which we operate.
“We are in a strong position to eventually capture at least 10% of the subsea inspection market and we are already working with key players in the industry.
“Partnering with an investment group whose goals are closely aligned with our own, will allow us to take bold steps towards adding to and developing our 3D and AI offerings which will deliver considerable savings to our clients in terms of both project time and money.”
With the AUV/ROV market predicted to be worth over $4 billion per year from 2020, Rovco believes that the adoption of these systems is key to reducing the long-term operational costs associated with owning subsea infrastructure.
Over the past year, the firm has carried out projects in the UK, the Middle East and Fiji with opportunities identified in other international markets, including Brazil and across Europe. The company’s vision is to significantly increase its turnover through international expansion over the next three years.
Andrew Wordsworth, Managing Director of Sustainable Ventures commented: “With a strong management team and significant growth potential, Rovco is in a strong position to make the most of the current market conditions and play a crucial and defining role in the emerging renewable and decommissioning sectors.