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OceanGate raises $18M to boost submersible fleet

Maintenance check for Cyclops 1 sub
OceanGate’s team puts the Cyclops 1 submersible through its annual maintenance check at the company’s shop in Everett, Wash. (OceanGate Photo)

OceanGate says it has raised $18.1 million in new investment, laying the financial groundwork for an expansion of its fleet of deep-sea submersibles and setting the stage for dives to the 108-year-old Titanic shipwreck in 2021.

The funding round was reported in documents filed today with the Securities and Exchange Commission. OceanGate CEO and founder Stockton Rush said the figure reported in the documents, $19.3 million, would be amended to reflect the actual size of the round.

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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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