A Scottish underwater robotics firm has received a seven-figure investment into its plans to revolutionise operations in the energy and security sectors.
HonuWorx, based in Aberdeen, 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 led 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, whose leadership team boasts extensive experience developing and commercialising underwater technology, aims to capture a 20% global market share within the next decade using a fleet of their “Loggerhead” submarine systems.
The Loggerhead submarine system
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 can 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 £30 million of additional investment to support its growth plans.
HonuWorx Chief Executive Lee Wilson
said: “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.”
TRICAPITAL Angels Chief Executive Officer Moray Martin said: “TRICAPITAL invests in innovative Scottish companies with the potential to scale rapidly and globally. As such we are delighted to lead this investment into HonuWorx, alongside our partners at Scottish Enterprise and UKI2S.
“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 “
Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise, said: “HonuWorx is ideally placed to exploit the vast global opportunities presented by the evolving underwater energy sector with its pioneering, low-emissions technology. The energy transition has been identified within our new approach as a key opportunity area for the Scottish economy and supply chain companies such as HonuWorx will be vital to its success.”
Alexander Leigh, Investment Director, UKI2S: "We are thrilled to continue our support for HonuWorx, a company that exemplifies the kind of innovative, dual-use technology we seek to back. At UKI2S, we follow-on into the most promising companies, and HonuWorx stands out with its cutting-edge underwater robotics solutions that offer strong commercial propositions across both the energy and defence sectors.
“We are proud to invest early on in such ventures and to work alongside a diverse range of investors to help bring these groundbreaking technologies to market. Our MoD-backed dual-use fund is highly active, and securing more high-quality deal flow like this is our priority. We are delighted to partner with Lee and his talented team at this exciting stage of their journey."