Liquid Robotics Gets $45 Million To Continue Double-Digit Growth
Liquid Robotics today is a far cry from it’s initial goal of recording whale songs. Today that function and those recordings are the domain of the Jupiter Foundation and Liquid is focusing on making wave gliders for industry, government and science.
Liquid Robotics just received a $45 million “E” round of funding and adds Riverwood Capital (of GoPro fame) to their stable of VCs. Total funding since 2005 is $85 million.
200+ Liquid Robotics Wave Gliders are at work on the seas in one of three areas of oceanography: (1) monitoring oil and gas operations, (2) assisting naval ops with classified activities, and (3) providing scientific, weather and other oceanographic data for commercial and scientific purposes.
Liquid plans to expand their marketing and sales staff and to double their fleet by the end of 2013, hence the need for the additional capital. “Approximately half of the fleet is involved with the Schlumberger oil and gas joint venture,” said Steven Springsteel, Liquid’s new COO/CFO. Springsteel also said that the vast majority of Liquid’s activities are profit-making and profitable.
Springsteel commented that the new funds will be used to grow the business to a sustainable profitability without having to go public.