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Equinor Ventures invests in Rovco and Vaarst

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In March 2022 Equinor Ventures successfully closed an investment in Seque Global Ltd supporting development of the subsidiaries Rovco and Vaarst. The £15,2M Series B raise was co-lead by Equinor Ventures and the financial services company Legal & General.

Rovco and Vaarst, based in the UK, are offering and deploying innovative technology for efficient subsea inspection. Vaarst is a leading provider of subsea 3D computer vision technologies, bringing forward ground-breaking AI-based technology, while the sister company, Rovco, delivers this technology into the energy transition space mainly focused on its use for subsea surveys in offshore wind and oil field decommissioning.

The investment supports Equinor’s strategy of enabling subsea inspection at lower cost, with increased safety and more autonomy.

Gareth Burns, Head of Equinor Ventures said: “Rovco and Vaarst are technology companies that can enable safer offshore operations at a lower cost, which could enable the further expansion of offshore wind. Equinor Ventures is looking forward to working with the company on the transition into fully autonomous subsea operations.”