The company was founded by Charles Algernon Parsons in 1897 with £500,000 of capital, and specialised in building the steam turbine engines that he had invented for naval use. The first ship to use a Parsons propulsion system was the Turbinia, launched in 1894; the successful demonstration of this vessel led to the setting up the company and the subsequent construction of the engines for the first two turbine-powered destroyers for the Navy, HMS Viper and HMS Cobra, which were launched in 1899. Although both these vessels came to grief, for reasons not connected with the engines, the Admiralty was convinced of the advantages offered by turbine powered vessels.