Bristol-based underwater robotic and camera technology company Rovco has secured £2m of funding from the independent asset manager BOOST&Co. The investment will be used to fund Rovco’s ongoing marketing strategy as well as bringing new employees into the business.
Rovco provides autonomous underwater vehicles (AUV) and remotely operated vehicles (ROV) to the offshore wind industry.
The business replaces video surveillance with 3D technology for its clients and uses artificial intelligence to complete the difficult and dangerous task of seabed mapping and sub-sea infrastructure inspection.
BOOST&Co has chosen to invest in Rovco due to the business’s exceptional management team as well as its market-leading technology. The lender was impressed with Rovco’s innovative technology offering, which is widely used in the ongoing upkeep and maintenance of offshore wind generation – and this technology is providing strong growth prospects for the business.
BOOST&Co is a leading provider of growth capital for innovative, fast-growing UK SMEs.
The independent asset manager offers loans ranging from £1m to £10m, covering a wide range of sectors, with a strong track record in technology, media and telecommunications (TMT). It has funded more than £500m across more than 130 deals to date and provided close to £200m under the government’s CBILS initiative to support SMEs during Covid-19.
Matt Vincent, Midlands-based principal at BOOST&Co, said: “We are delighted to have been able to support Rovco with this funding, which will drive the firm’s growth over the months and years to come. Brian, Nick and the team are well-placed with their VAARST technology offering and have developed a great reputation within the underwater robotics and wind power industries.
“BOOST&Co is pleased to be associated with Rovco and we look forward to seeing the business grow during the years to come.”
Brian Allen, the chief executive at Rovco, added: “Putting this debt funding facility in place with BOOST&Co’s support is a milestone moment for Rovco. The capital will provide the business with additional strength as we look to grow and continue to deliver best-in-class solutions to our customers.”