Hamburg-based start-up NautilusLog reports that it has closed a €1 million seed financing round, as the company looks to drive further growth of its digital platform beyond its current customer base of approximately 2,000 vessels.
The NautilusLog application can be installed on smartphones and uses the phone’s own sensors to gather data such as GPS and voyage status, such as ‘berthed’ or ‘underway’, to automatically calculate distance travelled.
This data can be combined with cargo and fuel consumption logs to determine CO2 emissions and the Energy Efficiency Operational Index (EEIO) of the ship directly within the smartphone app. Hourly, daily, event-based or summarised reports are available, with all data uploaded to the cloud for wider company access.
Funding in the new financing round was secured from lead investor NBank Capital and a variety of other business angel investors.
“Laws and regulations for shipping are becoming increasingly complex, but technical progress does not always develop in parallel. Stricter environmental conditions and international competition are creating enormous cost pressures. Therefore, the market is just asking for NautilusLog’s digital solutions,” said Martin Ranić, Investment Manager at NBank Capital.
NautilusLog currently employs 14 people and plans to accelerate its growth with new staff and further international expansion using the new financing.
“We are excited to grow our team to be able to place new services faster into the market. To this end, we will also continue to invest in marketing and sales to be able to serve the rapidly growing global demand for our digital solutions,” said Otto Klemke, Co-Founder and CEO of NautilusLog.
“Through our investors, we not only gain capital, but strategic support for our international growth plans.”
