Undersea tech company backed with £1.2m investment

A Bristol-based undersea technology company is to triple its workforce after receiving a £1.2m investment, enabling it to launch a new live 3D subsea survey system.

The investment in Rovco comes from Green Angel Syndicate, Cambridge Angels and Bristol Private Equity Club.

Following two years of extensive research and development, Rovco's new technology will begin field trials this month.

The system has been developed to 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 remotely-operated vehicles to its fleet within the next six months.

Brian Allen, founder and chief executive at 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 well-established and knowledgeable business leaders whose industry experience will be extremely valuable in the next stage of our development."