DeepSea Technologies raises €5m in new funding

DeepSea Technologies, a vessel performance monitoring and optimisation software company based in Athens, has announced that it has secured €5 million in new funding from both existing and new investors.

The investment will enable further technological and product research, design, and development, and will also be used to accelerate international commercial expansion, which will focus on Asian markets.

The funding round was led by Nabtesco Technology Ventures with participation from The Signal Group and existing investor ETF Partners.

Nabtesco Technology Ventures is the Corporate Venture Capital arm of Nabtesco Corporation – a Japanese shipping automation firm – operated by climate tech venture capital firm Emerald Technology Ventures. The Signal Group is a maritime, technology and investment firm and developer of The Signal Ocean Platform, a maritime software platform. ETF Partners (The Environmental Technologies Fund) is a sustainability focused venture capital fund founded in 2005.

The funding round was completed following a due diligence process carried out by the investors involving months of research and technical tests to check the accuracy of the AI models that the company has developed.

In parallel with the new investment, DeepSea Technologies and Nabtesco will also begin a commercial and research cooperation partnership that will see DeepSea work with Nabtesco’s sales network, develop joint products and participate in joint research. Similarly, in addition to The Signal Group’s capital participation, further collaboration opportunities will be explored following the funding.

“We are thrilled to have secured this latest round of investment. Having the support and conviction of key industry partners who will support us in realising our mission of making shipping sustainable is extremely motivating for the whole team,” said Roberto Coustas, Co-founder and CEO of DeepSea Technologies.

“This financing round, coupled with a very strong commercial environment driven by new vessel efficiency regulations from the IMO, make us very optimistic about the future.”

“With Nabtesco’s support in Asian markets, we are certain that we will be able to assist shipping companies in the region to realise the commercial value of AI technology to improve their bottom line. The investment that we are announcing today opens the next chapter of DeepSea, as a global player in the performance and optimisation space.”

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Rob O'Dwyer

Rob is Chief Network Officer and one of the founders of Smart Maritime Network. He also serves as Chairman of the Smart Maritime Council. Rob has worked in the maritime technology sector since 2005, managing editorial for a range of leading publications in the transport and logistics sector. Get in touch by email by clicking here, or on LinkedIn by clicking here.

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