AI-based navigation and collision avoidance software company Orca AI reports that it has raised $13 million in a new Series A funding round, taking its total raised to date to more than $15.5 million.
Orca AI provides an AI-navigation and vessel tracking system to support ships in difficult to navigate situations and congested waterways by supplementing existing onboard sensors with vision sensors, thermal and low light cameras, and AI-powered algorithms which analyse the environment and alert crew to dangerous situations.
The funding round was led by OCV Partners, with Principal Zohar Loshitzer joining Orca AI’s board following the transaction. Mizmaa Ventures and Playfair Capital also joined as investors in the company, with this latest capital raise to be used to support further investment in technology, international expansion and growth.
Orca AI already counts shipping and oil companies like Kirby, Ray Car Carriers and NYK within its customer base, who use its technology to try and prevent marine incidents. These types of incidents are most commonly caused by human error, which contributes to 75-96% of collisions, the company said.
“The maritime industry has come on leaps and bounds in recent years but is still far behind aviation with technological innovations,” said Yarden Gross, CEO, and co-founder.
“Ships deal with increasingly congested waterways, severe weather and low-visibility conditions creating difficult navigation experiences with often expensive cargo. The recent events in the Suez Canal have created more attention than ever on the maritime industry, highlighting its importance to us all.”
“Our solution provides unique insight and data to any ship in the world, helping to reduce these challenging situations and collisions in the future.”