The Scottish underwater robotics firm HonuWorx has received a seven-figure investment towards its plans to dramatically slash costs and emissions for offshore repair and inspection work through its fleet of autonomous, all-electric submarines.
TRICAPITAL Angels and Scottish Enterprise 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.
The company aims to capture a 20% global market share within the next decade using a fleet of their “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 onshore using advanced communications technology and AI.