About Modus Ltd
Modus Ltd is a company based in Darlington (United Kingdom) founded in 2008 was acquired by PXGEO in April 2024. Modus Ltd has raised $6.7 million across 2 funding rounds from investors including Gordon Brothers and PXGEO. The company has 134 employees. Modus Ltd offers products and services including MantaRay, MNode, and MDesign. Modus Ltd operates in a competitive market with competitors including Rovco, Vaarst, Terradepth, Planys Technologies and EyeROV, among others.
- Headquarter Darlington, United Kingdom
- Employees 134
- SectorsTransportation, Automotive & LogisticsIndustrial Goods & Manufacturing
- Email••••••••
- Phone•••• ••••
- Website modus-ltd.com
- Social LinkedIn
- Acquired by PXGEO (Apr 2024)
- Legal Name Modus Subsea Services Limited
- Date of Incorporation 26 Oct, 1987
- Jurisdiction DARLINGTON, COUNTY DURHAM
- Total Equity Funding$6.7M (USD)
in 2 rounds
- Latest Funding Round$6.23M (USD), Debt – Conventional
Apr 2023
- InvestorsGordon Brothers
& 1 more
- Employee Count134
- Acquired byPXGEO
(Apr 2024)
Products & Services of Modus Ltd
Modus Ltd offers a comprehensive portfolio of products and services, including MantaRay, MNode, and MDesign.
Device for faster subsea inspection data via remote operations.
Technology for efficient seismic data acquisition and deployment.
Tools for developing marine autonomy systems and solutions.
Funding Insights of Modus Ltd
Modus Ltd has successfully raised a total of $6.7M across 2 strategic funding rounds. The most recent funding activity was a Debt – Conventional round of $6.23 million completed in April 2023. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $6.7M
- Total Rounds 2
- Last Round Debt – Conventional — $6.23M
- First Round $6.7M
(Jun 2016)
- Investors Count 1
All 2 funding rounds of Modus Ltd with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Apr 2023 | $6.23M | Debt – Conventional | – | – | |
| Jun 2016 | $6.7M | Seed | – | – | – |
2 investors in total: 2 institutional.
Investors in Modus Ltd
Modus Ltd has secured backing from 2 investors, including institutional investors. Prominent investors backing the company include Gordon Brothers and PXGEO.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Asset investment management and financial services are provided to clients. | 1903 | gordonbrothers.com | Boston, United States | |
Offers marine seismic services including data acquisition and subsurface imaging techniques. | 2021 | pxgeo.com | Dubai, United Arab Emirates |
Investor details for Modus Ltd
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People of Modus Ltd
2 people are tracked at Modus Ltd (2 in leadership); the tracked headcount is 134.
| Name | Role | Group |
|---|---|---|
Russell Edmondson | Managing Director | Leadership |
Nick Tompkins | CEO | Leadership |
Complete people profiles for Modus Ltd
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Timeline of Modus Ltd
4 dated milestones of Modus Ltd across 16 years, from founding to its latest funding, stage changes and deals.
- Founded Modus Ltd is founded.
- Funding First funding round of $6.7M.
- Funding Latest funding round, Debt – Conventional, of $6.2M.
- Exit Acquired by PXGEO.
Competitors of Modus Ltd
Modus Ltd operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Rovco, Vaarst, Terradepth, Planys Technologies and EyeROV, among others.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| rovco.com | 2015 | Bristol, United Kingdom | $38.48M | 50 | Provider of AI-driven ROVs and services for inspection of ships | |
| vaarst.com | 2015 | Bristol, United Kingdom | $20M | – | AI-based robotic analysis solutions for marine applications are provided. | |
| terradepth.com | 2018 | Austin, United States | $28M | 23 | Provides data collection technology for marine tracking systems | |
| planystech.com | 2015 | Chennai, India | $10.27M | 108 | Provider of marine underwater robotics inspection platform | |
| eyerov.com | 2016 | Kochi, India | $1.99M | 49 | Provider of remotely operated vehicles and unnamed systems for underwater inspections | |
| qysea.com | 2016 | Guangzhou, China | $1.77M | – | Provider of an unmanned underwater robot | |
| neptune-robotics.com | 2018 | Hong Kong, China | $69.43M | – | Provider of AI and cloud-based ship cleaning robots for marine logistics | |
| nauticusrobotics.com | 2014 | Webster, United States | – | 93 | Developer of underwater robotics and AI-powered control software | |
| liquid-robotics.com | 2007 | Sunnyvale, United States | $82.42M | – | Unmanned surface vehicles are developed using wave energy propulsion. | |
| abysssolutions.co | 2014 | Pyrmont, Australia | $19.25M | – | AI-driven platform offering offshore inspection services |
Detailed competitors of Modus Ltd
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Latest news on Modus Ltd
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Similar companies to Modus Ltd
10 companies that operate in the same segment as Modus Ltd (Logistics Technology & Platforms), ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Ride-hailing and on-demand delivery services are aggregated via mobile app. | 2012 | Singapore, Singapore | USD 9.09 B | USD 3.37 B | 11,270 | |
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Integrated logistics services including parcel delivery and warehousing are provided. | 2011 | Gurugram, Haryana, India | USD 1.25 B | USD 1.12 B | 62,070 | |
Online marketplace offering multi-category grocery products | 2015 | Barcelona, Catalonia, Spain | USD 1.16 B | – | – | |
E-commerce tools for shipping, marketing, and financial services are provided. | 2012 | Gurugram, Haryana, India | USD 344.42 M | USD 135.47 M | 800 | |
App based platform offering on demand delivery and ride-hailing services | 2010 | Jakarta, Jakarta, Indonesia | USD 4.72 B | – | – | |
Express delivery logistics solutions are provided for businesses and individuals. | 2015 | Bengaluru, Karnataka, India | USD 246.8 M | USD 447.86 M | – | |
AI-powered cloud-based vehicle tracking solutions are offered for fleet owners. | 2015 | San Francisco, California, United States | USD 915 M | USD 1.62 B | 3,500 | |
Wolt is operated as a delivery platform for food and groceries. | 2014 | Helsinki, Finland | USD 827.96 M | – | – |
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Frequently Asked Questions about Modus Ltd
Modus Ltd was founded in 2008 and raised its 1st funding round 8 years after it was founded.
Modus Ltd is headquartered in Darlington, United Kingdom.
Nick Tompkins is the current CEO of Modus Ltd.
Modus Ltd is a funded company, having raised a total of $6.7M across 2 funding rounds to date. The company's 1st funding round was a Seed of $6.7M, raised on Jun 2016.
Modus Ltd has 134 employees.
Modus was founded in 2008 in Darlington, United Kingdom, where unmanned underwater vehicle systems are produced for defense, telecommunication, marine, power, and energy sectors. Hybrid autonomous underwater vehicles, arm-based AUVs, and surveillance models are included in the portfolio, with features such as navigation, sensor-based detection, scanning tools, and video surveillance. Services like subsea operations, asset hiring, and technical support are also provided.
Modus Ltd offers MantaRay, MNode, and MDesign.
Modus Ltd has 2 investors. Key investors include Gordon Brothers, and PXGEO.
Modus Ltd operates through Modus Subsea Services Limited.
Yes. Modus Ltd was acquired by PXGEO in April 2024.