Beam, a UK-based offshore technology company specialising in AI and autonomy for robotic marine vessels, has entered administration less than a year after being launched through the merger of Rovco and Vaarst.
Rovco Ltd, which continued as the trading name following a rebrand to Beam in September last year, filed a notice to appoint administrators on Thursday, according to official filings.
The Bristol-headquartered firm had aimed to expand globally by providing advanced underwater and surface robotics services for the offshore wind industry. The company also maintained offices in Scotland and the United States.
Beam has not yet issued a public statement, but the development has prompted reaction from several employees, who took to social media to express dismay. One wrote they were “shocked and saddened” by the announcement.
The company was formed with the intention of combining Rovco’s subsea expertise with Vaarst’s computer vision and AI technology, targeting growth in offshore renewables.
Despite early ambitions, Beam now faces insolvency proceedings less than a year after its launch. The reasons behind the administration filing have not been formally disclosed.
