Maritime artificial intelligence developer Nautilus Labs has secured $11m in financing from a group of firms led by a Microsoft-backed fund.
The New York-based start-up, which whose customers include Dorian LPG, Teekay and Eagle Bulk Shipping, announced the deal Tuesday, bringing their fundraising total to $14.5m.
"Nautilus is creating an economic imperative for shipping businesses to reduce their fuel consumption," chief executive Matt Heider said in a statement.
"Over thousands of voyages for hundreds of ships, we're able to generate meaningful savings while bringing transparency and accountability to the industry."
The most recent round of fundraising was lead by M12, Microsoft's venture capital arm.
Other investors included Root Ventures, Quiet Capital, Trail Mix and Amplifier Lab.
Nautilus said it can reduce fuel emissions by 10% in a single voyage through machine learning utilizing oceanographic and meteorological data. The system provides crew with analytics and alerts.
The company said it would use the funding in efforts to triple its size in the next year.
