IMC Ventures Makes Maiden Investment into BeeX, a Hovering Autonomous Underwater Vehicle Startup
Singapore, 3 November 2021 – IMC Ventures (“IMC Ventures”), a Singapore-based venture capital entity of IMC Group that is focused on investments in the maritime and supply chain industries, is pleased to announce that it has participated in the seed investment round of BeeX Pte. Ltd. to operationalise marine autonomy for shallow waters, where critical marine infrastructure is under-served.
Other notable investors in the seed round are CapVista, ShipsFocus-Quest Ventures (Maritime Fund), SEEDS Capital, and the National University of Singapore. The investment brings together a community of strategic stakeholders who value the advanced engineering and R&D capabilities involved in digitalising and developing the maritime and renewable energy space.
Armed with a vision to provide a sustainable and environmentally friendly way of executing large-scale underwater inspections, BeeX’s self-thinking robots will become a fundamental building block in ensuring the safety of coastal cities and accelerating the shift towards renewables such as floating solar and offshore wind to significantly reducing operations and maintenance costs. This cost- effective solution also removes the element of safety risk as there are no physical inspections to be conducted by divers.
With the new funds, BeeX will expand their software team to accelerate development of autonomous capabilities and mission plans across more diverse and critical environments such as ports, vessels, and in anchorages. Their hardware team will also commission a larger and more powerful HAUV suitable for harsher conditions in Offshore Wind, presenting a unique opportunity of rapid growth in underwater infrastructure as the world adopts renewable energy at an unprecedented rate to achieve lower carbon emissions, conserve more natural resources and in turn achieve more substantial long- term savings.
BeeX’s business offering is aligned with IMC Ventures’ investment mandate of focusing on technology which will bring about change and transform the maritime sector. In addition, BeeX’s solution potentiallyreduces operational costs and creates a positive and sustainable Environmental, Social and Governance (ESG) impact.
IMC Ventures provides BeeX access to the technical, operational and knowledge capabilities that IMC Industrial Group – IMC’s integrated maritime and industrial solutions arm has, leveraging upon IMC’s presence across 15 countries within the Asia Pacific network. IMC Ventures also foresees extensive cross-synergies, where both corporations can strengthen supply chains and expand distribution channels to scale the business.
Ms Grace Chia, CEO of BeeX said: “IMC’s extensive networks and in-depth knowledge of pain-points in maritime, combined with their focus on positive environmental and social impacts, makes them a great partner for BeeX. With their investment, we are excited to operationalise marine autonomy with more customers, taking humans out of dangerous tasks underwater whilst keeping marine infrastructure safe.”
Mr James Ong, IMC Ventures’ Investment Committee Member, commented: “The best validation of BeeX’s solution is demonstrated through the demand for their product in the maritimeindustry. The fact that BeeX has shown the commercially ability sell their solutions on commercial terms validates that the technology works, and the pricing is viable. IMC hopes tohelp BeeX scale by utilising IMC’s broad network across Asia Pacific”.
Moving forward, IMC Ventures will continue to explore investments in related sectors to pioneer collaboration efforts and strategic partnerships that accelerate the development and adoption of game-changing digital solutions.