IMC Group has taken part in a seed investing round by local start-up BeeX, which specialises in the design and manufacture of hovering autonomous underwater vehicles (HAUV).
It was led by Cap Vista — the strategic investment arm of Singapore’s Defence Science and Technology Agency — and is said to have involved a seven-figure US dollar sum.
IMC made the investment via its venture capital arm IMC Venture.
Other investors participating include Quest Ventures — Maritime Fund, SEEDS Capital, and the National University of Singapore (NUS).
With the new funds, BeeX said it will expand its team to accelerate development of autonomous capabilities across more diverse and critical environments.
It also plans to commission a more powerful HAUV to be used for harsher conditions in offshore wind, an area it described as having a "unique opportunity of rapid growth".
"The best validation of BeeX's solution is demonstrated through the demand for their product in the maritime industry," said James Ong, IMC Ventures’ investment committee member.
"The fact that BeeX has shown the ability sell their solutions on commercial terms validates that the technology works, and the pricing is viable. IMC hopes to help BeeX scale by utilising IMC’s broad network across Asia Pacific."
Grace Chia, chief executive 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, made them a "great partner for the company".
"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," he said.
Cap Vista chief executive Chng Zhen Hao said BeeX’s marine autonomy technology will "revolutionise underwater inspections and disrupt the maritime sector".
Established in 2018 by NUS researchers Grace Chia and Goh Eng Wei, the firm’s autopilot system relies on data from cameras and underwater acoustics that are processed in real time.
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.
