We4Sea, a cloud platform that offers solutions to optimise the performance of large commercial (cargo) ships, reducing fuel consumption and emissions, has raised 400.000 euro from the Mainport Innovation Fund II (MIFII).
We4Sea collects operational data of a ship, such as position, speed, heading and engine data. This data is enriched with other data sources, such as weather conditions, wave heights, currents and wind. The technology transforms this combination of data into actionable management information on how to optimise the use and configuration of a ship.
Pilot projects have proven that using data analysis can cut fuel costs to up to 20 percent, the company states in the press release about the funding round.
MIF II is a micro investment fund established by KLM Airlines, Schiphol Group, Delft University of Technology, Port of Amsterdam and the NS Dutch Railways. It’s 18 million in capital assets is managed by NBI investors under the leadership of Thijs Gitmans.
“When investing, we love the combination of a strong team, with a thorough understanding of the business, that demonstrates impressive first results. And a team that is great to work with. We4Sea is just that! We are looking forward to helping them expand in international waters”, says Gitmans.
The startup was founded March 2016 by industry veterans Dan Veen and Michiel Katgert. Dan Veen: “We are very happy to close this deal with MIF II. With their knowledge, network and business experience, we will be able to accelerate our development and grow faster than before. It supports our mission to cut out the emission of 1 million tons of CO2 in the next 3 years.”
A report released in 2015 by the European Parliament concluded that, as the global economy expands, shipping could account for about one-sixth of all the CO2 released into the atmosphere by human activity in 2050. Improving fuel efficiency means a ship burns less fuel. Fuel consumption represents at least half the operating cost. As a result the financial benefits of cutting fuel consumption can be significant in addition to the environmental benefits.
MIF II followed after a the first MIF fund, that looked for investment opportunities in the more narrower vertical of aviation. It funded startups like Undagrid, Robin Radar, Multi Pilot Simulations and Snocom. The focus of the new fund is is on logistics, transport and aviation.
Last year we interviewed (video) MIF II fund manger Thijs Gitmans. Previous investments of MIF II are ViriCiti and Parcompare.