Charles Kohnen, co-founder of SEAmagine Hydrospace, a manufacturer of submersibles, estimates that there are approximately 200 manned submersible vessels worldwide. These vessels are used by various institutions for scientific research and tourism, but there is also a growing number of wealthy yacht owners who own their own submersibles. However, owning a submersible requires not only significant wealth, but also a sufficiently large yacht capable of accommodating the sub. These subs typically cost between $2 million to $7 million, excluding additional expenses such as crane installation, speedboats, mapmaking services, and guides. Kohnen compares owning a submersible to owning a $5 million spacecraft rather than a fancy car.
The trend of yacht owners owning personal submersibles is becoming increasingly popular among the wealthy. Companies like SubMerge cater to these personal sub owners and have observed a rising demand for submersibles. Notable figures like filmmaker James Cameron and billionaire investor Ray Dalio have even donated vessels to scientific institutions and invested in submersible manufacturers like Triton Submarines. Dalio emphasizes the importance of ocean exploration and believes that there is still much to be discovered in the vast unexplored ocean.
While some submersible owners lend out their vessels for scientific research and documentaries, others seek to explore shipwrecks or discover new species underwater. Some even use their submersibles for special occasions like weddings or casual activities like having dinner or playing poker underwater. The personal submersible industry has grown alongside the increasing size of yachts. In the past, robots were mainly used for deep-sea scientific work due to the difficulties of lowering submersibles with people inside. However, SEAmagine introduced a model that allowed boarding from the water, leading to the resurgence of manned submersibles for scientific research and tourism.
Planning a submersible expedition can be a lengthy process involving scouting, mapping, and setting up the location. Companies like SubMerge work with luxury travel firms and private clients to coordinate expeditions and dives that typically last about an hour or two. Despite the recent tragedy involving the OceanGate tour, which drew attention to the risks of deep-sea adventures, companies like Triton and SubMerge have reported no cancellations and continue to experience high demand from private owners and tourism companies.
While the private submersible industry continues to gain momentum, the number of scientific institutions using them remains relatively low. However, figures like Dalio believe that filming the ocean from private crafts could generate more investment and exploration in the field. The market for disability services is also expanding, presenting opportunities for start-ups. Christopher McKelvy, grandson of Patricia Kennedy Lawford and a former tech executive, has partnered with Judd Olanoff to start K. Ventures, a venture capital firm focused on the disability community. They aim to tap into this growing market and provide viable business models for innovative disability services. K. Ventures has already made three investments in companies like Juno, Juniper, and NeuroNav, which provide various services for disabled individuals. With the backing of the Kennedy name and resources, McKelvy and Olanoff hope to continue their advocacy for the disabled community through their venture capital firm.
In other news, the Supreme Court has temporarily blocked a bankruptcy deal for Purdue Pharma, the maker of OxyContin, owned by the Sackler family. The deal would have limited the liability of the Sacklers to $6 billion and protected them from further civil lawsuits related to the opioid crisis.
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