Subsea technology firm Rovco has secured a £3.9 million investment from Foresight group via the Foresight Williams Technology EIS Fund and Foresight VCTs.
The investment was part of a larger round totalling £5 million which included funds from existing shareholders.
The funds will be used to support its international expansion and Rovco’s continued development of its 3D Computer Vision and Artificial Intelligence subsea technology.
Brian Allen, CEO and founder of Rovco, said: “We are extremely pleased to welcome Foresight Group and Williams Advanced Engineering as new shareholders in our company. Bringing a major private equity investor alongside a world-renowned engineering company will be of extraordinary benefit to Rovco.
“2019 was an incredible year for Rovco. We had a hugely successful period when we saw several project and contract wins creating secured current and forward revenue of more than £10 million. We are now setting our sights on a new major base in Scotland along with new offices for the USA and Asia markets.”
The Foresight Williams Technology EIS Fund is a collaboration that combines the Williams Advanced Engineering team’s expertise with Foresight’s investment track record. The Fund invests into early-stage, unquoted companies that are developing technology and pioneering innovations.