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OceanGate wins more funding for Titanic sub

OceanGate team with Cyclops 2
OceanGate’s workers get into the holiday spirit as they work on the Cyclops 2 submersible at the company’s Everett headquarters. (OceanGate Photo via Twitter)

OceanGate is in the midst of a $5.1 million investment round aimed at pushing the Everett, Wash.-based company closer to a Titanic undersea adventure.

The round was reported today in a filing with the Securities and Exchange Commission. Joel Perry, OceanGate’s director of media and marketing, told GeekWire that the privately held company’s existing investors have already filled out much of the funding. He declined to identify the investors.

The money will give OceanGate “a little more runway” as it finishes work on its Cyclops 2 deep-sea submersible, Perry said.

OceanGate’s team has nearly completed construction of Cyclops 2 at the company’s Everett marina workshop. Perry said the pressure vessel underwent testing this week to make sure there were no leaks.

“It’s a perfect seal,” Perry said.

Get the full story on GeekWire.

By Alan Boyle

Mastermind of Cosmic Log, contributing editor at GeekWire, author of "The Case for Pluto: How a Little Planet Made a Big Difference," president of the Council for the Advancement of Science Writing. Check out "About Alan Boyle" for more fun facts.

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