The Italian ocean tech company enabling the Internet of Underwater Things (IoUT) through its proprietary “subsea wifi” systems – has successfully closed a 7.2 million euros pre-Series B Round.
The funding round included existing Series A round investors CDP Venture Capital SGR, SWEN’s Blue Ocean, RunwayFBU, and Axon Partners Group. Fincantieri and Rypples, an ocean-focused impact investment firm co-founded by serial entrepreneur and unicorn founder Jerome Ternynck, also participated.
As with the previous round, Axon Partners Group’s participation in this new pre-Series B has been executed as part of its Sustainability strategy, an Axon Investment vertical focused on high-impact Deep Tech and Climate Tech, with a global outlook.
`WSense represents exactly the kind of breakthrough technology we seek in our portfolio,´says Álvaro Pascual, from the Investment team of Axon . `Their underwater communication systems unlock new capabilities in data transmission and real-time connectivity in challenging environments—key enablers for sectors like offshore energy, infrastructure monitoring, and smart maritime operations. This aligns strongly with our strategy to support companies at the forefront of the technological shift towards a more connected, efficient, and sustainable industrial future. We’re proud to continue supporting WSense as they expand globally.´
WSense’s patented technologies enable real-time, secure and cost-effective underwater wireless communications, allowing for the collection of underwater big data on an unprecedented scale. This capability transforms the study and understanding of the oceans and their impact on our planet. The company’s solutions have also opened up a range of new opportunities, including the monitoring and protecting critical infrastructure, resident autonomous robotic networks supporting energy transition, and real-time underwater environmental monitoring.
As part of the underwater industry that will reach 400 billion globally in the 2024-2030 period, with a value of innovative solutions of 30 billion euros, WSense is targeting the global underwater communications market, which is expected to reach 10.4 billion euros.
To highlight the growing potential of the undersea market, it’s enough to note that in the underwater telecommunications alone, 552 cables have been laid across the ocean’s backbones, spanning a total of 1.4 million kilometres. These cables carry 98% of the global digital telecommunications, including digital transactions. In 2023 alone, these transactions are expected to exceed one trillion, with an estimated annual value of 10 trillion US dollars, growing at an average rate of 12% per year (source: Italian Navy).
`As WSense CEO Chiara Petrioli points out: ´With the closing of this round – which, together with the previous 4 million euros Seed Round in 2022 and the €11 million Series A round in 2023, brings our total funding to over 22 million euros – WSense is now in a position to accelerate its international expansion, strengthen our team, and support the rapid growth leading up to our Series B round. The renewed confidence from international investors allows us to further consolidate our technology leadership in an increasingly competitive market, where even the major players are beginning to take action. Thanks to our ability to implement technologies never before used in the marine environment and to develop cutting-edge solutions, WSense is uniquely positioned to make a positive impact on the planet. In fact, we are expanding our reach through strategic partnerships in emerging areas such as marine renewable energy, autonomous underwater robotics, and infrastructure security.´
