Israeli shipping tech company Orca AI has revealed big-name backing for its collision-avoidance platform.
The company said it had raised $23m in new investment in a funding round led by OCV Partners in Los Angeles and Israeli/US fund MizMaa Ventures.
The financing takes the total raised since its start-up in 2021 to nearly $40m.
Ankona Capital Partners, Santa Barbara Venture Partners, Playfair Capital and other strategic investors were also involved this time around.
Orca AI describes its artificial intelligence-based product as the first step in introducing autonomous features to vessels already on the water.
In 2022, the platform powered the world’s first autonomous commercial ship voyage with NYK of Japan, and is now working on the second phase of fully autonomous vessel technology to be rolled out in 2025.
Founded by naval technology experts Yarden Gross and Dor Raviv, Orca AI aims to maximise voyage safety, operational efficiency and sustainability.
It is working with AP Moller-Maersk, MSC Mediterranean Shipping Co and Seaspan, and will soon have the system in use on more than 1,000 ships.
Orca AI has a fully automated watchkeeper that processes multiple sources of visual information during navigation.
Close encounters reduced
The platform cut the number of close encounters by 33% in 2023. Crossing events were down 40%.
Owners saved between $100,000 and $300,000 on fuel per ship last year. This is a saving of 3% to 5%.
Hemi Zucker, managing partner at OCV, said: “While planes, trains and automobiles have seen tremendous progress and investment in regards to autopilot and collision prevention, we believe that the shipping industry is still up for grabs and there is a category-defining opportunity in autonomous ships — ships that captain themselves.”
Catherine Leung, co-founder and partner at MizMaa Ventures, added: “Making smarter navigation choices not only boosts safety but also cuts down on fuel use and CO2 emissions. That’s what makes the Orca AI platform stand out and be trusted by the leading shipping companies in the world.”
