UK subsea company Rovco has secured a six-figure investment from London-based Sustainable Ventures to help fast-track its growth plans.
The investment will support Rovco as it enhances its range of subsea AI and 3D services, the company said.
Through its Accelerator programme, Sustainable Ventures will also assist Rovco in building a team of industry focused non-executive directors and advisors, while supporting on additional raises of up to £3m over the next two years.
Brian Allen, CEO of Rovco said: “This initial investment, coupled with better access to further capital, will enable us to expand our state of the art services and meet the needs and demands of the industries in which we operate.
“Partnering with an investment group whose goals are closely aligned with our own, will allow us to take bold steps towards adding to and developing our 3D and AI offerings which will deliver considerable savings to our clients in terms of both project time and money.”
Andrew Wordsworth, managing director of Sustainable Ventures added: “With a strong management team and significant growth potential, Rovco is in a strong position to make the most of the current market conditions and play a crucial and defining role in the emerging renewable and decommissioning sectors.”