Vessel tracking technology company Pole Star Space Applications has announced a new capital injection in the company, with Wavecrest Growth Partners and Abry Partners making an investment in the business.
The funding amount has not been disclosed, though the company says that the money will be used to accelerate hiring, scale sales, and expand product development. The company also intends to invest further into its programmes for disruptive innovations like artificial intelligence, machine learning, and distributed ledger technologies.
“All components of the maritime sector are now entering a significant digitalisation phase, driven by international regulations and programmes, the interoperable collaborative trade processes being set by the principal major shipping lines and ports, the adoption of cybersecurity best practices, the impact of Covid-19 driving paperless trade, and the emergence of truly disruptive trade execution platforms,” said Julian Longson, CEO of Pole Star.
“We are at a critical inflection point in the market and are excited to further our market leadership position. We are very pleased to partner with Wavecrest and Abry, who bring enterprise SaaS and go-to-market scaling expertise and look forward to accelerating several initiatives for current and future clients.”