Underwater robot maker secures $16m funding for scale up

Australian ocean robot maker Hullbot has raised $16 million in funding to grow and develop its autonomous robotics manufacturing capabilities and establish international service hubs.

The autonomous robots are designed to clean and inspect ships’ hulls, stopping fouling caused by biomaterials like algae, barnacles and seaweed growing on the hull and causing drag, ultimately slowing the ships and forcing them to use up to 20% more fuel to operate.

Hullbot said this cleaning process has proven fuel savings of between 15% to 26%. This, in turn, helps cut operational costs while preventing pollution and reducing emissions. Hullbot’s service has cleaned over 82 vessels across the US, EU, and APAC.

This includes Sydney Ferries.

It also helps reduce carbon emissions. Shipping accounts for around 1 billion tonnes of CO2 emissions every year, and the International Maritime Organization has listed hull cleaning as a way of reducing shipping-related greenhouse gas emissions by between 5% and 25%

“We are committed to showing how Australian innovation can take on one of the world’s hardest-to-abate sectors,” Tom Loefler, Founder and CEO of the Sydney-based Hullbot, said.

“Hullbot sits at the intersection of shipping efficiency, decarbonisation, and ocean health. This raise allows us to take that impact to the next level.”

This fundraising was led by venture capital firm Regeneration. VC, and included participation from Katapult Ocean, Climate Tech Partners, Folklore Ventures, Trinity Ventures, Rypples, NewSouth Innovations, Artesian, and Impact Ventures/Ocean Impact Collective.

“This is ingenious technology ripe with commercial proof at a critical inflection point for international maritime. We see a validated multi-billion-dollar opportunity to decarbonise world-leading fleets,” Destana Herring, Principal at Regeneration.VC, said.