Nautilus Labs raises $11 million in Series A funding

The startup uses machine learning and AI to help ocean shipping companies optimize fleet performance and reduce fuel emissions.

Nautilus Labs raises $11 million in Series A funding

The startup uses machine learning and AI to help ocean shipping companies optimize fleet performance and reduce fuel emissions.

Nautilus Labs raises $11 million in Series A funding

The startup uses machine learning and AI to help ocean shipping companies optimize fleet performance and reduce fuel emissions.

 

   Maritime shipping technology startup Nautilus Labs announced Thursday it raised $11 million in Series A funding led by Microsoft’s venture fund M12, along with Root Ventures and existing and new investors including Quiet Capital, Trail Mix Ventures and Amplifier.
    The New York-based company, founded in 2016, has raised $14.5 million in total. It plans to use the Series A funding to “triple in size over the next year, investing in engineering, data science and product development,” the company said in a press release.
    Nautilus Labs aggregates data from onboard ships and combines it with meteorological, oceanographic and commercial data to build fleet profiles. The company’s technology platform, through machine learning and artificial intelligence, provides real-time analytics, alerts and decision support for operators to help shipping companies optimize fleet performance.
    “Nautilus is creating an economic imperative for shipping businesses to reduce their fuel consumption,” CEO Matt Heider said in a statement. “Think of us as the artificially intelligent first mate that helps the captain and the crew to always take the profit-maximizing — and fuel-reducing — decision. Over thousands of voyages for hundreds of ships, we’re able to generate meaningful savings while bringing transparency and accountability to the industry.”

   Nautilus Labs already has signed with fleets including Teekay, Dorian LPG and Eagle Bulk Shipping and said the platform has proven to reduce fuel emissions by more than 10 percent in a single voyage.

We are seeing many more pricing requests for Southeast Asia and the Indian subcontinent. Few actually moved their supply chains outside of China because this will take time, especially for larger shippers. However, Taiwan and South Korea are in a unique situation: Some manufacturing had shifted to mainland China in the last decade due to lower costs, but that infrastructure is still in Taiwan and South Korea. Some manufacturing may temporarily shift back there until Southeast Asia infrastructure catches up. 

Iron ore shipments from U.S. Great Lakes ports totaled 6 million tons in May, up 2% year-over-year, according to the Lake Carriers’ Association.

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Nautilus Labs raises $11 million in Series A funding

The startup uses machine learning and AI to help ocean shipping companies optimize fleet performance and reduce fuel emissions.

Apr 08, 2019 on Dec 27, 2018AmericanShipper.com

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Nautilus Labs raises $11 million in Series A funding

The startup uses machine learning and AI to help ocean shipping companies optimize fleet performance and reduce fuel emissions.

Apr 08, 2019 on Dec 27, 2018AmericanShipper.com