This funding will help SoFar Ocean Technologies expand into new markets. Here are the top-line bullets you need to know.
SoFar Ocean Technologies, a maker of IoT devices for ocean data collection, has raised $39M in a Series B. The round drew participation from Foundry Group and Union Square Ventures.
HOW’S THE COMPANY PERFORMING?
- San Francisco-based SoFar Ocean Technologies’ “Spotter” buoys collect ocean data that can be used to enhance weather forecasts and climate monitoring.
- SoFar Ocean Technologies was formed as the result of a merger between underwater drone maker OpenROV and sea sensor developer Spoondrift.
- The startup has deployed thousands of sensors across the globe — they have registered more than 5M ocean hours and deliver over 100K data points daily.
- The company’s intelligence is used by dozens of shipping companies, hundreds of ocean and climate scientists, and governments.
Source: SoFar Ocean Technologies
WHY DOES THE MARKET MATTER?
- The global underwater robotics market is projected to grow at a CAGR of 13.5% and reach a value of $6.74B by 2025, according to Grand View Research.
- Key factors contributing to market growth include growing demand from the defense and security industries and governments, rising R&D activity in oceanology, and climate change.
