A Peter Thiel-backed startup, Panthalassa, has secured $140 million in a funding round aimed at propelling its AI-powered sea technology.
Led by Thiel, the funding round witnessed participation from a mix of new and returning investors such as John Doerr, Marc Benioff’s TIME Ventures, Max Levchin’s SciFi Ventures, and Founders Fund. The funds will be channeled towards the completion of Panthalassa’s pilot manufacturing facility near Portland.
Founded in 2016, Panthalassa is working on a technology that merges wave power generated by floating orbs with onsite AI computing. The systems transmit data via low-Earth-orbit satellites. The Oregon-based startup has spent nearly a decade developing technologies in power generation, propulsion, autonomous operations, and computing.
Its co-founder and CEO, Garth Sheldon-Coulson, said that the company has developed offshore technology to harness high-energy waves into reliable, clean power, with Ocean-3 pilots launching this year and commercial rollout planned for 2027.
Meanwhile, Thiel said, “Extra-terrestrial solutions are no longer science fiction. Panthalassa has opened the ocean frontier.”
AI Race Shifts Beyond Land Limits
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by a Benzinga editor.
Image via Shutterstock
Market News and Data brought to you by Benzinga APIs
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.