IMC Ventures Maiden Investment in Hovering Autonomous Underwater Vehicle Startup co BeeX

SINGAPORE, November 5, 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, has announced participation 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.

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 potentially reduces operational costs and creates a positive and sustainable Environmental, Social and Governance (ESG) impact.

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 maritime industry. 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 to help 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.