Maritime data analytics company ioCurrents has announced the completion of a new $5 million financing round, led by Imagen Capital Partners, to support the continued roll-out of its MarineInsight analytics platform.
The new cash will be used to accelerate sales and marketing efforts, support product development initiatives, and extend the technology platform to complementary vertical markets serving the maritime industry, the Seattle-based company said.
Launched in 2015, ioCurrents’ flagship MarineInsight product is used to provide machine learning-based predictive analytics on the performance of engines, generators, and other vessel assets, derived from aggregated data sets collected on the ship.
Data is gathered, analysed and transmitted in real time over GSM, satellite or Wi-Fi connections to allow both local and remote operators to monitor the vessel’s performance through an integrated Cloud portal.
“Our MarineInsight platform has fundamentally disrupted the maritime industry by offering vessel operators and managers unique, on-going, real-time insights into the operational health of their vessels,” said Cosmo King, co-founder and Chief Executive Officer, ioCurrents.
“Operators who employ the platform’s advanced analytics experience more uptime, increased efficiency, and significantly-reduced maintenance costs. This additional investment will allow ioCurrents to build on our existing success, and provide even more value to the maritime industry as a whole.”