Vaarst secures £ 15.25m investment in Serie B led by Legal & General Capital – UK Tech Investment News

Vaarst raises $ 20 million to promote the adoption of next-generation technology in marine industries

The cloud robotics specialist based in Bristol, UK, will use the investments to fund global expansion plans

London, UK – 1st April 2022 – Today, cloud robotics specialist Varst announced it has closed the first $ 20 million of its investor-led Series B round in energy transition Legal and general capitaltogether with the venture capital arm of the international energy company Equinore. Existing shareholder Foresight group also participated alongside In-Q-Tel, Inc., the strategic investor for the intelligence and defense communities of the United States and allied nations.

Vaarst is a leading provider of cloud-managed autonomy and robotics; support the offshore wind, wave and tidal, scientific, maritime and civil safety sectors. It is bringing cutting-edge AI-powered technology, 3D SLAM-based underwater vision and Level 4 autonomy to revolutionize the way offshore industries manage marine infrastructure and improve asset integrity.

The Rovco subsidiary, which is also benefiting from the fundraiser, provides this technology in the energy transition space, focusing primarily on its use for subsea investigations in the decommissioning of offshore wind and oil fields. Existing customers of the group include energy giants Iberdrola and SSE and ocean service provider DeepOcean.

Vaarst’s breakthrough technology is designed to substantially reduce the costs of maritime operations and present seafloor information simultaneously to any device in the world in real time. At present, typical costs for a single service ship working on a marine resource can reach up to $ 10 million per month, which is both labor intensive and expensive. Vaarst’s technology can help reduce the number of people at sea while improving the data insights obtained 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 support the group’s main globalization plans. This includes expansion to Austin, Texas and Tokyo, Japan, as well as increasing its presence across Europe. Investors cited these growth ambitions as an important factor in their investment decision, identifying the significant opportunity within the marine infrastructure sector, which comprises 10% of all global infrastructure.

Brian Allen, CEO of Vaarst, said:

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

When Vaarst was founded, we sought to bring the latest innovation to the marine survey industry to help promote efficiency, making them faster, safer and more affordable. With growth and development, our technology has become more and more advanced and its potential to transform other industries has become increasingly clear.

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 new innovative technologies. Rovco and Vaarst are exciting companies that will further aid the global energy transition by supporting the long-term integrity of maritime resources, reducing costs, improving safety and accelerating processes. We are excited about their enormous 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 on Vaarst visit www.vaarst.com

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NOTES FOR DRAFTING

Further quotes for investors

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 further expansion of offshore wind. Equinor Ventures looks forward to working with the company on the transition to fully autonomous subsea operations. “

About Varst

Established in March 2021, Vaarst is a leading provider of cloud-managed autonomy and robotics; support the offshore wind, wave and tidal, scientific, maritime and civil safety sectors. It is bringing cutting-edge AI-powered technology, 3D SLAM-based underwater vision and Level 4 autonomy to revolutionize the way offshore industries manage marine infrastructure and improve asset integrity.

From their headquarters in Bristol, UK, Vaarst works 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 subsidiary of Vaarst and provides state-of-the-art offshore data analytics services to marine and wider renewable energy sectors. Provision of hydrographic surveys, construction support, asset integrity services and intelligence on the decommissioning of marine resources and critical infrastructure. Rovco helps customers gather preliminary information, make engineering decisions and enable preventative maintenance and intervention to reduce the risks of their projects.

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

Information on legal and general capital

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

About In-Q-Tel, Inc.

In-Q-Tel, Inc. is the nonprofit strategic investor that government intelligence and homeland security agencies have relied on for more than 20 years to anticipate their technology questions and needs and deliver solutions. In-Q-Tel is sourcing, investing and accelerating cutting-edge technologies from the commercial start-up community to strengthen the security of the United States and its allies. The entirety of IQT – In-Q-Tel and IQT International, IQT Labs and IQT Emerge – feeds its government partners ahead of the technology curve. For more information visit www.iqt.org.

About Equinor Ventures

Equinor Ventures is Equinor’s venture capital arm dedicated to investing in ambitious early stage and growing companies. We believe that start-up innovation, creativity and agility can drive change and drive acceleration towards a low-carbon future

Information about the forecast group

Foresight Group was founded in 1984 and is a leading listed private equity investment and infrastructure manager. With a long-standing focus on ESG and sustainability-driven strategies, it aims to deliver attractive returns to its institutional and private investors from hard-to-access private markets. Foresight manages over 300 infrastructure assets with a focus on onshore solar and wind resources, bioenergy and waste, as well as renewable energy enabling projects, energy efficiency management solutions, social and basic infrastructure projects and sustainable forest resources. 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 of Assets Under Management (AUM), investing in listed real assets with environmental and social benefits. Foresight operates from 12 offices in seven countries in Europe and Australia with an AUM of £ 8.4 billion as of 31 December 2021. Foresight Group Holdings Limited is listed on the main market of the London Stock Exchange in February 2021. https://www.fsg-investors.com/

Vaarst secures £ 15.25m investment in Serie B led by Legal & General Capital – UK Tech Investment News

Source link Vaarst secures £ 15.25m investment in Serie B led by Legal & General Capital – UK Tech Investment News

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