A company developing underwater robotics to cut the cost and greenhouse emissions of offshore repair and maintenance work has received a seven-figure investment injection ahead of a larger fundraising planned later this year.
The investment in Aberdeen-based HonuWorx was led by Tricapital Angels along with Scottish Enterprise and an existing investor, the UK Innovation and Science Seed Fund (UKI2S). It comes as HonuWorx revealed plans to treble its current headcount of 12 within the next three years while targeting more than £30 million in additional investment to support its growth plans.
Founded in 2020, HonuWorx makes autonomous, all-electric submarines and aims to capture a 20% global market share within the next decade with its Loggerhead system.
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Loggerhead deploys remotely operated vehicles (ROVs) from a “mothership” submarine that are controlled by operators located onshore. The system eliminates the need for heavily crewed vessels - which typically run on diesel engines - to transport ROVs to offshore locations, removing the equivalent emissions of 4,000 cars per vessel displaced.
The system also avoids the potential of damage and delays from launching vessels in stormy conditions that don't impact the subsea environment.
“We look forward to working with Tricapital and Scottish Enterprise and to have the continued backing of UKI2S in our journey to change the game for underwater robotics," HonuWorx chief executive Lee Wilson said.
“We’re building on decades of pioneering subsea advancements out of our home base of Aberdeen, and we look forward to offering new investors the chance to join us later this year.”
Alexander Leigh, investment director at UKI2S, said HonuWorx's underwater robotics have strong commercial potential in both the energy and defence sectors.
“We are proud to invest early on in such ventures and to work alongside a diverse range of investors to help bring these ground-breaking technologies to market," he added.
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"Our MoD-backed dual-use fund is highly active, and securing more high-quality deal flow like this is our priority. We are delighted to partner with Lee and his talented team at this exciting stage of their journey."
Moray Martin, chief executive of Tricapital, said: “We see the huge potential for this technology across a number of sectors, including oil and gas, offshore wind and defence.
"That diversity of customer base - together with its ability to reduce costs, save lives and reduce emissions for its customers - positions HonuWorx immediately as a high-growth potential company with the opportunity to set a new standard in subsea robotics “
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