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Nov 07, 2022

Silverpeak advises Vaarst on the extension of their Series B financing round, bringing the fundraising total to over $26m

Silverpeak has advised the Vaarst management team on the extension of their Series B financing round, bringing the fundraising total to over $26m. The advanced capabilities of the company’s 3D SLAM computer vision and autonomous robotics technology that enable subsea ‘digital twin’ creation, plus the growth in the ‘blue-economy’ sector has attracted additional investors including the Strategic Development Fund and Future Planet Capital and has driven additional participation from existing investors.

Silverpeak, the mid-market technology specialist that represents European growth businesses in M&A and financing transactions, acted as the exclusive financial advisor to Vaarst and its sister company Rovco in extending the round from the initial $20m raised.

Vaarst is a leading provider of subsea 3D computer vision and SLAM technologies; supporting offshore wind, wave and tidal, scientific, and maritime security sectors. It also uses ground-breaking AI-based technology to revolutionise how energy companies manage subsea infrastructure and improve asset integrity.

Rovco delivers Vaarst technology into the energy transition space, mainly focused on its use for subsea surveys in the offshore wind sector where it is a market leader in the UK, and also in oil field decommissioning and subsea cable laying.

Vaarst and Rovco had already accelerated their global expansion plans following the first close of the Series B raise in March, entering the US market through the strategic appointment of Mitch Johnson, their new Americas Director. Its existing customers now include Iberdrola, SSE and Deepocean, and the company has recently signed a contract with Van Oord to perform subsea investigation works on Dutch offshore wind farm Hollandse Kust Noord.

Silverpeak was engaged due to its expertise in the deeptech and software sectors, as well as extensive knowledge of the international investor market. The company was positioned as an autonomous robotics leader in the global blue technology sector and attracted a range of international financial investors as well as strategic counterparties with a strong interest in renewable energy and ESG-focused investments.

David Ford, Partner at Silverpeak, leading the process said “We are delighted to be the ongoing /retained advisers to the Vaarst and Rovco teams as they accelerate their global growth plans. The additional investment announced here demonstrates Vaarst’s technology lead in the marine robotics marketplace, and also the ability of the Rovco team to execute complex offshore contracts effectively.”