Vaarst raises $20million to drive next-generation technology adoption in marine industries

Bristol, UK based cloud robotics specialist will use investment to fund global expansion plans

London, UK – 1^st April, 2022 – Today, cloud robotics specialist Vaarst has announced that it has closed on the first $20million of its Series B round led by energy transition investor Legal & General Capital, alongside the venture capital arm of the international energy company Equinor. Existing shareholder Foresight Group also participated alongside In-Q-Tel, Inc., the strategic investor for the US intelligence and defence communities and allied nations.

Vaarst is a leading provider of autonomy and cloud managed robotics; supporting the offshore wind, wave & tidal, scientific, maritime security, and civils industries. It is bringing cutting-edge AI-based technology, underwater 3D SLAM based vision, and level 4 autonomy to revolutionise how offshore industries manage marine infrastructure and improve asset integrity.

Sister company Rovco – which is also benefitting from the fundraise – delivers this technology into the energy transition space, mainly focused on its use for subsea surveys in offshore wind and oil field decommissioning.  The group’s existing customers include energy giants Iberdrola and SSE and ocean services provider, DeepOcean.

Vaarst’s ground-breaking technology is designed to substantially lower the costs of marine operations and present seabed information simultaneously to any device in the world in real time. At present, typical costs for a single service vessel working on a maritime asset can reach up to $10m per month, which is both labour and cost intensive. Vaarst’s technology can help reduce the numbers of people at sea, while improving the data insights gained from offshore robots.

The investment will allow the company to expand its pioneering work in the field of computer vision and data management, as well as supporting the group’s major globalisation plans. This includes expansion to Austin, Texas and Tokyo, Japan, as well as increasing its presence across Europe. Investors cited these growth ambitions as a major factor in the investment decision, identifying the significant opportunity within the marine infrastructure sector, which comprises 10% of all global infrastructure.

Brian Allen, CEO at Vaarst, said: 

We’re delighted to have gained the support of some of the industry’s leading businesses and investors to help us execute on our vision – to change the way we conduct over the horizon robotic operations. In doing so, we will not only help the marine industries become safer and more profitable, but will make the investment case for the energy transition more attractive, accelerating the journey to net zero.

When Vaarst was founded, we looked to bring the latest innovation to the marine survey sector to help drive efficiencies – making them quicker, safer, and more cost effective. As we’ve grown and developed, our technology has become increasingly advanced and its potential to transform other sectors has become ever clearer.

John Bromley, Head of Clean Energy at Legal & General Capital said 

“Our clean energy platform continues to grow, entering new sectors and supporting the growth of innovative new technologies. Rovco and Vaarst are exciting companies which will help further support the global energy transition by supporting the long-term integrity of maritime assets, reducing costs, improving safety and speeding up processes. We are excited by their huge potential internationally and the synergies this could bring as we look to the international expansion of our investment in renewable infrastructure such as offshore wind”

For more information about Vaarst visit www.vaarst.com

-ENDS-

NOTES TO EDITOR

Additional Investor Quotes

Gareth Burns, head of Equinor Ventures said: 

“Rovco and Vaarst are technology companies that can enable safer offshore operations at a lower cost, which could enable the further expansion of offshore wind. Equinor Ventures looks forward to working with the company on the transition into fully autonomous subsea operations.”

About Vaarst

Formed in March 2021, Vaarst is a leading provider of autonomy and cloud managed robotics; supporting the offshore wind, wave & tidal, scientific, maritime security, and civils industries. It is bringing cutting-edge AI-based technology, underwater 3D SLAM based vision, and level 4 autonomy to revolutionise how offshore industries manage marine infrastructure and improve asset integrity.

From their headquarters in Bristol, UK, Vaarst work globally to enable data to drive the future of marine robotics. For more information, please visit www.vaarst.com

About Rovco

Founded in 2016, Rovco is the sister company of Vaarst, and provides state-of-the-art offshore data insight services to the marine renewable and wider energy sectors. Delivering hydrographic survey, construction support, asset integrity services and decommissioning intelligence on marine assets and critical infrastructure. Rovco helps clients gather early insights, to inform engineering decisions and enable preventative maintenance and intervention to de-risk their projects.

From their headquarters in Bristol and Edinburgh, Rovco services clients on a global basis. For more information, please visit www.rovco.com

About Legal & General Capital

Legal & General Capital invests in clean energy infrastructure, businesses and technologies to help accelerate progress towards a low-cost, low-carbon economy – working with local authorities, government and key industry players to create scaled solutions. Rovco forms the latest part of its growing portfolio, which includes offshore wind, onshore wind, solar PV technology, EV-charging and ground-source heat pumps, amongst others. Legal & General will also explore opportunities for Rovco’s technology to help manage risk in future offshore renewables investments.

About In-Q-Tel, Inc.

In-Q-Tel, Inc. is the non-profit strategic investor that government intelligence and national security agencies have relied upon for more than 20 years to anticipate their technology questions and needs and achieve solutions. In-Q-Tel sources, invests in, and accelerates cutting-edge technologies from the commercial start-up community to strengthen the security of the U.S. and its allies. The entirety of IQT – In-Q-Tel and IQT International, IQT Labs, and IQT Emerge – powers its government partners ahead of the technology curve. For more information visit www.iqt.org.

About Equinor Ventures

Equinor Ventures is Equinor’s corporate capital venture arm dedicated to investing in ambitious early phase and growth companies. We believe that the innovation, creativity and agility of start-ups can drive change, and drive acceleration towards a low carbon future

About Foresight Group

Foresight Group was founded in 1984 and is a leading listed infrastructure and private equity investment manager. With a long-established focus on ESG and sustainability-led strategies, it aims to provide attractive returns to its institutional and private investors from hard-to-access private markets. Foresight manages over 300 infrastructure assets with a focus on solar and onshore wind assets, bioenergy and waste, as well as renewable energy enabling projects, energy efficiency management solutions, social and core infrastructure projects and sustainable forestry assets. Its private equity team manages eight regionally focused investment funds across the UK, supporting over 120 SMEs. Its Foresight Capital Management team manages four funds with £1.5 billion Assets Under Management (AUM), investing in listed real assets with environmental and social benefits. Foresight operates from 12 offices across seven countries in Europe and Australia with AUM of £8.4 billion as at 31 December 2021. Foresight Group Holdings Limited listed on the Main Market of the London Stock Exchange in February 2021. https://www.fsg-investors.com/