TLDR:
– Sea Machines, a global leader in autonomous piloting systems for sea vessels, has secured a $12 million investment from cleantech venture capital firm Emerald Technology Ventures.
– The investment will allow Sea Machines to enhance its technological capabilities and expand its presence in the market.
Sea Machines Robotics, based in Boston, specializes in developing autonomous piloting systems for sea vessels. These systems enable onboard computers to maintain precise control over vessel position, steering, and speed during voyages. The company’s technology can also reroute vessels to avoid traffic and obstacles and optimize operations using streaming data. Sea Machines also offers solutions for computer vision, remote command and control, and advanced data collection along shipping routes.
The investment from Emerald Technology Ventures, along with contributions from other notable investors including Nabtesco Technology Ventures, Chevron Technology Ventures, RKKVC, Level 2 Ventures, and IMC Ventures, will allow Sea Machines to enhance its technological capabilities and expand its presence in the market.
The autonomous shipping market is rapidly expanding, with an estimated annual growth rate of 9.6% from 2022 to 2030. Sea Machines’ innovative solutions are well-positioned to capture a significant portion of this market. The transition towards autonomous shipping is driven by factors such as cost pressures, labor shortages, safety concerns, fuel efficiency, and reductions in greenhouse gas emissions. Emissions reduction is particularly important for the shipping industry, and Sea Machines’ solutions align with the industry’s goals of decarbonization.
Emerald Technology Ventures has a strong track record of funding startups that focus on industrial efficiency and sustainability. The firm has previously invested in companies such as wind turbine optimizer eologix and agriculture disruptor xFarm. Nabtesco Technology Ventures, the venture arm of Nabtesco, a leader in industrial technology solutions, is also involved in this investment. Under an arrangement with Emerald, Nabtesco Technology Ventures benefits from Emerald’s deal flow management and advisory services.
This $12 million investment provides Sea Machines with a valuable opportunity to enhance its technological capabilities and expand its presence in the autonomous shipping market. With the support of Emerald Technology Ventures and other notable investors, Sea Machines is well-positioned to continue its growth and make significant contributions to the shipping industry’s goals of decarbonization and operational efficiency.
