Dive Technologies Closes New Equity Funding Round to Realize 2021 Business and Defense Opportunities

BOSTON–(COMMERCIAL THREAD) – Dive Technologies, Inc., a Boston-based designer and manufacturer of underwater robotics, today announced a new round of equity funding of $ 4 million, bringing the total funds raised to date to $ 9.5 million. Dive’s funding 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 debt financing is done through MassDevelopment’s Emerging Technology Fund.

“We are delighted to continue to develop our partnership with Tanis Ventures thanks to this funding round. Our team is fortunate to have a strong syndicate of experienced funds and angel investors who have supported us throughout our technological development and helped us position the company to build on our successes going forward ” said Sam Russo, COO at Dive Technologies.

“Tanis is delighted to continue working with Dive as it moves from successful prototyping to commercial implementation of the DIVE-LD platform,” said Jack Seaver, Managing Director of Tanis Venture Management. “We look forward to seeing Dive demonstrate the innovative capabilities of its product in the defense and trade sectors. ”

“Our team is very pleased to provide additional funding that allows us to continue to grow our business in 2021 and beyond,” said Jerry Sgobbo, CEO of Dive Technologies. “Our engineers have worked tirelessly over the past two years to bring a high performance Autonomous Underwater Vehicle (AUV) to market and as we look to 2021, we will deepen our partnerships with our customers by implementing our Robot-as-a-Service business model. . We are very pleased to have the early adopters of our technology on board already and look forward to evolving our technology and business to meet their needs and the rapidly emerging needs of others.

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

Dive’s first commercial autonomous underwater vehicle on the market, the DIVE-LD, is a 4 ‘diameter and 19’ long vehicle designed for mission endurance of up to ten days and ocean depths of up to ten days. 6000 meters. The company also offers a new commercial AUV kit that makes it easy for customers to customize an AUV to their liking and needs by leveraging Dive’s advanced manufacturing processes.

About diving technologies: Founded in 2018, Dive Technologies designs, develops and deploys leading autonomous underwater vehicles for large-scale commercial and defense data collection. Using deep domain expertise, Dive Technologies builds the cheapest, fastest at sea, and best-in-class large-displacement AUV platform that combines lens-oriented technology with an intuitive and elegant exterior design. and an internal architecture to help customers quickly and efficiently collect underwater data. For more information, please visit www.divetechnologies.com.

Carol M. Barragan