Bristol subsea technology firm Rovco, which is revolutionising the way costly underwater repair, maintenance and inspection work is performed, has received a further £5m in its latest finance round.
Established in 2015, the firm is pushing the boundaries of subsea technology by investing heavily in the development of an artificial intelligence (AI) driven data platform and live 3D vision systems for subsea robotics. 
It has already benefited from a number of funding rounds which have allowed it to develop technology that improves data collection from underwater vehicles undertaking the difficult task of subsea infrastructure inspection, aiming ultimately to make the piloting of such vehicles fully autonomous.
More efficient survey processes for offshore infrastructure inspections offer huge potential for reducing the size of crews and time needed on vessels at sea. The innovation represents a more cost-effective, environmentally friendly, time-efficient and safer future for the industry and could revolutionise the way energy companies manage their offshore infrastructure.
Rovco has already received a strong reception from companies operating in the offshore wind and oil and gas sectors, and the technology has the scope for application far beyond subsea and offshore operations.
Last year Global Marine Group (GMG) secured a 13.8% share in Rovco, enabling the companies to work together to deliver a range of efficient, high-quality subsea products.
The latest funding round, which was led by Foresight Williams Technology EIS Fund, will support the growth of the Rovco’s commercial and operational capabilities, leveraging existing relationships to expand globally.
Some £2m of the latest £5m funding came from Foresight Williams Technology EIS Fund, with £1.9m from Foresight’s own VCTs (venture capital trusts) and from existing shareholders, including £400,000 from Bristol Private Equity Club.
The club, which was founded in 2016 and now has 80 successful entrepreneurs and business people from the Bristol area with capital to invest as club members, has already backed Rovco to the tune of £530,000 in 2018. 
CEO and founder Jerry Barnes, pictured, said this latest investment was another illustration of the group’s commitment to Bristol’s tech and start-up scenes.
“Bristol has always been a desirable location for people and businesses alike, and over the past 10 years or so it has carved itself a reputation as one of the premier locations outside London for tech companies to base themselves,” he said.
“As an organisation, BPEC is focused on investing in those companies with the potential to scale up rapidly with our support and continue to generate employment, wealth and other opportunities right here in Bristol.”
Utilising its SubSLAM technology, Rovco has carried out many subsea projects across the renewables and oil and gas industries globally. Last year marked a milestone with investment in research and development to create a world-first in subsea 3D live-streaming.
Founder and CEO Brian Allen said: “Rovco is an ever-expanding and innovative organisation. We have seen incredible success throughout the last year and this additional investment will offer us the opportunity to continue in our quest to deliver state-of-the-art technology to our given markets and allow us to invest in our team. We are grateful for BPEC’s continued confidence in our business and look forward to making 2020 another successful year.”
Innovation group Williams Advanced Engineering, which runs the Foresight Williams Technology EIS Fund with private equity firm Foresight Group, has already identified several opportunities to collaborate with Rovco on enhancements to its SubSLAM camera system.
Andrew Bloxam, senior investment manager at Foresight, said: “Rovco has developed technology offering game-changing improvements in an industry that really needs it. It is a large international market and Rovco has already generated early interest from some prominent customers, which hints at a substantial opportunity, and we are delighted to be able to support the team as they seek to capitalise. It is great to support another company which epitomises the spirit of the Foresight Williams collaboration.”
Matthew Burke, head of technology ventures at Williams Advanced Engineering, added: “We are proud to back Rovco whose pioneering SubSLAM camera technology has the potential to transform productivity in subsea surveying. I am confident that Williams’ expertise in design, development and manufacture will help to accelerate the commercialisation of the SubSLAM camera system.”
