OpenROV develops an open-source mini-submarine (ROV) assembled from inexpensive, off-the-shelf parts and sold as a customizable kit. The kit retails for $849, can be built in about 6–10 hours, and the vehicle is rated to dive to roughly 100 meters. The product is modular—users can add components such as camera mounts or robotic arms—and targets hobbyists, DIY ocean explorers, and research collaborators. The project began as a Kickstarter/Indiegogo crowdfunding effort that generated a massive surge in demand and evolved into a revenue-generating company. OpenROV units have been used on expeditions with National Geographic, explored submerged caves in Mexico, swum with melon-headed whales, and even traveled aboard Eric Schmidt’s yacht. Founders David Lang and Eric Stackpole, who are Berkeley, Calif.-based, say they plan to grow the team and pursue projects that highlight ocean environmental impact while collaborating with nonprofits including the Schmidt Ocean Institute. Financially, the company recently raised $1.3 million in venture capital from True Ventures.

Total raised

$1M

Funding rounds

1

Latest round

Equity

Latest activity

Nov 2013