DeepSea Technologies has secured fresh funding from new and existing investors to expand in Asia and develop more maritime technologies.
The Signal Group and Nabtesco Technology Ventures have joined ETF Partners in providing €5m ($5.93m) to the Greek tech venture, the companies said on Thursday.
“Having the support and conviction of key industry partners who will support us in realising our mission of making shipping sustainable is extremely motivating for the whole team,” DeepSea co-founder and chief executive Roberto Coustas said.
Nabtesco Technology, operated by Emerald Technology Ventures, is the venture capital arm of Japanese engineering company Nabtesco.
As part of the partnership, DeepSea will tap into Nabtesco’s sales network and the two companies will jointly develop products and research projects.
“The decision to invest in DeepSea is fully in line with our dedication to engage with promising start-ups and support talented and passionate entrepreneurs,” said Nabtesco Technology managing partner Hiroshi Nerima.
“The DeepSea team is developing innovative technologies that can make a lasting impact in the shipping industry and help the sector to overcome the severe environmental challenge that it is facing.”
DeepSea has developed an artificial intelligence-based platform that monitors and optimises ship performance to improve fuel efficiency and reduce greenhouse gas emissions.
Its chief executive is the son of Danaos boss John Coustas, himself a pioneer in introducing shipping software to the Greek market in the 1980s.
“With Nabtesco’s support in Asian markets, we are certain that we will be able to assist shipping companies in the region to realise the commercial value of AI technology to improve their bottom line,” the younger Coustas said.
Signal Group, another Greek firm that has been developing maritime technologies, operates the AI-based Signal Ocean Platform aimed at improving chartering decisions.
It evaluates voyage and fixture prospects from factors including weather, cargo demand and port waiting time.
DeepSea and Signal Group have promised to explore further collaboration opportunities, but it is not immediately known whether their platforms will be integrated in the future.
“We are excited to see DeepSea join our ecosystem of innovative maritime technology partners,” said Nikolas Pyrgiotis, vice president of group investment arm Signal Ventures.
“We are of the opinion that innovation at scale can only be achieved through collaborations and by leveraging synergies in data and technology. We believe that the pioneering work that DeepSea is doing in the sector can improve the way in which shipping looks at performance and decarbonisation.”
ETF Partners, a London-based green investment fund, injected €3m into DeepSea in an earlier round of funding last year.
DeepSea has grown from 40 to 67 employees since then and is set to expand by more than 25%.
“We continue to be excited about Deepsea’s development,” ETF Partners managing partner Rob Genieser said. “In collecting real-time information on a vessel, and comparing that across fleets, DeepSea can both optimise ship performance and reduce the maritime industry’s impact on the environment.”
