Dive Technologies, Inc., a Boston, MA-based subsea robotics designer and manufacturer, raised $4m in a new round of equity funding, bringing total funds raised to date to $9.5m.
The round was led by Tanis Venture Management which was joined by other investors including Virginia Tech Carilion Innovation Fund, Mill Town Capital, Virginia Tech Carilion Seed Fund, Cavalier Angels, and Charlottesville Angel Network. Dive’s venture debt financing is through MassDevelopment’s Emerging Technology Fund.
The company intends to use the funds to scaling the technology and the business. The new capital will be used to realize sales opportunities in 2021 and accelerate efforts to expand geographically and through new partnerships.
Founded in 2018 and led by Jerry Sgobbo, CEO, and Sam Russo, COO, Dive Technologies designs, develops, and deploys premier autonomous underwater vehicles for large-scale commercial and defense data collection. Utilizing deep domain expertise, the company is building a large displacement AUV platform that combines purpose-driven technology with an intuitive exterior design and internal architecture to enable customers to collect underwater data. Dive is poised for increased demand for Robot-as-a-Service work with commercial customers in offshore wind, oil and gas, and deep-sea exploration as well as with government customers.
Its first commercial autonomous underwater vehicle offering to the market, the DIVE-LD, is a 4’ diameter, 19’ long vehicle designed for up to ten days of mission endurance and ocean depths of 6,000 meters. The company also boasts a novel commercial AUV Kit that allows customers to customize an AUV to their liking.