A Scottish underwater robotics firm HonuWorx has received a seven-figure investment into its plans to revolutionize operations in the energy and security sectors.
TRICAPITAL Angels and Scottish Enterprise have delivered the investment round, along with UK Innovation and Science Seed Fund (UKI2S), which has invested in HonuWorx for a second time.
The funding boost comes ahead of an anticipated major capital raise later this year as the firm drives plans for expansion, setting the plans to slash costs and emissions for offshore repair and inspection work through its fleet of autonomous, all-electric submarines.
Namely, the company aims to capture a 20% global market share within the next decade using a fleet of its Loggerhead submarine systems.
Loggerhead deploys ROVs from a mothership submarine once it arrives at a work site, such as a wind farm or oil field, with the vehicles controlled by operators safely onshore from a control room, all while harnessing advanced communications technology and AI.
As well as reducing costs, the system is said to be able to replace heavily crewed vessels, which typically run on diesel engines, removing the equivalent emissions of 4,000 cars per vessel displaced.
The firm plans to treble its current 12 employees over the next 2-3 years while targeting over $39.5 million (£30 million) of additional investment to support its growth plans.
“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.
“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,” said Lee Wilson, HonuWorx Chief Executive.
“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,” added Moray Martin, TRICAPITAL Angels Chief Executive Officer.