Maritime software company Smart Ship Hub (SSH) reports that it has raised $2.5 million in a pre-series funding round to support the further development of its cloud-based platform.
Based in Singapore, SSH’s system collects data from sensors and other shipboard IoT devices to help predict possible machinery down time, identify performance deviations, and optimise vessel routes to improve performance.
The application’s Marine Insights platform provides actionable intelligence based on the data analysed, offering alerts and performance advisory for vessel fleets.
“Digital platforms will play a fundamental role in disrupting maritime legacy processes. Inefficient and legacy workflows in ships and shore is gradually giving way to automated remote management,” said Joy Basu, founder of Smart Ship Hub.
“This fund raise will allow us to pass on more value to our customers globally. Customers will now have a captive performance centre for a fraction of the cost they incur today. Ship owners, operators, charter parties can get a digital upgrade for ‘zero’ capex, allowing them to unblock their capital and upgrade more vessels.”
Investors in the company that have contributed to the funding round include Ideaspring Capital and StartupXseed.
“Ideaspring Capital is very happy to be part of Smart Ship Hub’s growth and its journey towards being the digital platform of choice for global maritime companies,” said Naganand Doraswamy, Managing Partner, Ideaspring Capital.
“As a venture capital firm, we are focused on organisations that are into IoT, Machine Learning, Deep Learning, Big Data analytics, AR, VR, Cyber Security, Computer Vision and we have seen SmartShip are leveraging these technologies through their world-class platform. We are very impressed with the team and the product.”