Dive Technologies Closes on New Equity Financing Round to Deliver on 2021 Commercial and Defense Opportunities

Company prepares to transition to growth phase

BOSTON--(BUSINESS WIRE)--Dive Technologies, Inc., a Boston-based subsea robotics designer and manufacturer, today announced a new round of equity funding of $4mm, bringing total funds raised to date to $9.5mm. Dive’s financing was led by Tanis Venture Management which was joined by other investors including Virginia Tech Carilion Innovation Fund, Mill Town Capital, Virginia Tech Carilion Seed Fund, Cavalier Angels, and Charlottesville Angel Network. Dive’s venture debt financing is through MassDevelopment’s Emerging Technology Fund.

“We’re pleased to continue to grow our partnership with Tanis Ventures through this financing round. Our team is fortunate to have a strong syndicate of experienced funds and angel investors that have supported us through our technology development and have helped us to position the company to build upon our successes going forward,” says Sam Russo, COO at Dive Technologies.

“Tanis is thrilled to continue working with Dive as it transitions from successful prototyping to commercial implementation of the DIVE-LD platform,” says Jack Seaver, Managing Director at Tanis Venture Management. “We look forward to Dive demonstrating the innovative capabilities of its product across the defense and commercial sectors.”

“Our team is very excited to bring in additional funding that affords us the runway to continue to grow our business in 2021 and beyond,” says Jerry Sgobbo, CEO at Dive Technologies. “Our engineers worked tirelessly over the last two years to bring a highly capable autonomous underwater vehicle (AUV) to the market and as we look to 2021, we will deepen our customer partnerships by delivering on our Robot-as-a-Service business model. We are very pleased to have early adopters of our technology already onboard and we look forward to scaling our technology and business to meet their needs and the quickly emerging needs of others.”

The new round of funding will be used to realize sales opportunities in 2021 and accelerate efforts to expand geographically and through new partnerships. Dive is poised for increased demand for Robot-as-a-Service work with commercial customers in offshore wind, oil and gas, and deep-sea exploration as well as with government customers.

Dive’s first commercial autonomous underwater vehicle offering to the market, the DIVE-LD, is a 4’ diameter, 19’ long vehicle designed for up to ten days of mission endurance and ocean depths of 6,000 meters. The company also boasts a novel commercial AUV Kit that allows customers to customize an AUV to their liking and mission needs easily by leveraging Dive’s cutting-edge manufacturing processes.

About Dive Technologies: Founded in 2018, Dive Technologies designs, develops, and deploys premier autonomous underwater vehicles for large-scale commercial and defense data collection. Utilizing deep domain expertise, Dive Technologies is building a lowest-cost, fastest to the sea, and best-in-class large displacement AUV platform that combines purpose-driven technology with an intuitive, elegant exterior design and internal architecture to help customers rapidly and efficiently collect underwater data. For more information please visit www.divetechnologies.com.