December 21, 2020
Dive Technologies, which is developing subsea robotics, today announced raising $4 million in a new round of equity funding, bringing its total funds raised to $9.5 million. The financing was led by Tanis Venture Management, joined by other investors that include Virginia Tech Carilion Innovation Fund, Mill Town Capital, Virginia Tech Carilion Seed Fund, Cavalier Angels, and the Charlottesville Angel Network. The venture debt financing is through MassDevelopment’s Emerging Technology Fund.
The company’s first commercial autonomous underwater vehicle (AUV), the DIVE-LD, is a four-foot diameter, 19-foot long vehicle designed for up to 10 days of mission endurance, at ocean depths up to 6,000 meters. The company also has a commercial AUV kit that lets customers customize an AUV through the company’s manufacturing processes.
“Our team is very excited to bring in additional funding that affords us the runway to continue to grow our business in 2021 and beyond,” said Jerry Sgobbo, CEO at Dive Technologies. “Our engineers worked tirelessly over the last two years to bring a highly capable autonomous underwater vehicle to the market.” He added that the team plans to deepen customer partnerships by delivering a robots-as-a-service business model and scaling the technology and business to meet demand.
The new round of funding will be used to realize sales opportunities in 2021 and expand geographically through new partnerships. The company said it expects increased demand for RaaS work with commercial customers in offshore wind, oil and gas, and deep-sea exploration, as well as with government customers.
Founded in 2018, Boston-based Dive Technologies designs, develops and deploys AUVs for large-scale commercial and defense data collection. More details on the company and its offerings are available at the Dive Technologies website.