Scottish subsea robotics firm HonuWorx has secured “seven-figure” investment backing for its plans to slash costs and emissions for offshore repair and inspection work.
Investment syndicate TRICAPITAL Angels and Scottish Enterprise delivered the funding round, alongside UK Innovation and Science Seed Fund (UKI2S).
UKI2S is investing in HonuWorx for the second time after bringing the firm into its portfolio earlier this year.
The funding boost comes ahead of plans for a major capital raise for HonuWorx later this year, as the company continues its plans for expansion.
The company plans to treble its current 12 employees over the next two to three years, while targeting over £30 million of additional investment to support further growth.
HonuWorx ROVs
Headquartered in Aberdeen, HonuWorx developed and operates a fleet of autonomous, all-electric submarines including the Loggerhead “mothership”.
The Loggerhead deploys smaller remotely operated vehicles (ROVs) once it arrives at a work site, such as a wind farm or offshore oil field.
© Supplied by HonuWorx/True NorthHonuWorx operates the ROVs from an onshore control room and the technology also incorporates artificial intelligence and advanced communications systems.
As well as reducing repair costs, HonuWorx said the system can replace heavily crewed vessels which typically run on diesel engines.
Altogether, the firm said this can remove the equivalent of 4,000 cars per vessel displaced.
‘Change the game’ for underwater robotics
HonuWorx chief executive Lee Wilson said the investment will help the company continue on its 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,” Wilson.
© Supplied by HonuWorx/True NorthTRICAPITAL Angels chief executive Moray Martin said the firm invests in innovative Scottish companies with potential to “scale rapidly and globally”.
“We see the huge potential for this technology across a number of sectors, including oil and gas, offshore wind and defence,” Martin said.
“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.”
Scottish Enterprise director of entrepreneurship Kerry Sharp said the agency has identified the energy transition as a “key opportunity area” for the Scottish economy.
“HonuWorx is ideally placed to exploit the vast global opportunities presented by the evolving underwater energy sector with its pioneering, low-emissions technology,” Sharp said.
UK subsea sector
The investment round comes shortly after HonuWorx secured a £51,000 grant as part of the latest ETZ Challenge Fund.
Meanwhile, HonuWorx chairman Steven Gray is also making some investment moves of his own.
Last week Gray launched Ventex, an Aberdeen ‘unicorn factory‘ focused on the energy transition.
Ventex plans to run a global portfolio from Aberdeen focused on repurposing existing supply chain companies to support the net zero goals.
The venture studio has already invested in another Aberdeen-based subsea ROV firm High Performance Robotics (HPR).
Gray was also previously the chief executive of yet another Aberdeen subsea robotics firm ROVOP, which was snapped up by American billionaire Gary Chouest in May.
While Energy Voice understands HonuWorx and Ventex are not linked, it indicates the enthusiasm investors have for north-east subsea technology firms.
It comes as trade association the Global Underwater Hub warns the UK needs to increase investment into the subsea sector to fully benefit from floating wind.
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