California-based tech company Bearing has launched a new AI-powered application to predict Carbon Intensity Indicator (CII) scores for vessels, having secured $7 million in new funding from Mitsui and AI Fund to support the system’s introduction.
The company says that its AI platform can ingest a range of data to calculate vessels’ fuel consumption, speed and other aspects of performance, without requiring data from onboard sensors.
Using the same technology as Bearing’s existing Smart Routing and Performance Analysis products, CII Optimization leverages deep learning models, an ECDIS-verified routing engine and a database of historical weather conditions to forecast CII scores and recommend potential changes to improve performance, including vessel speed, fuel type, sailing schedule and hull cleaning.
Users can monitor real-time CII ratings for their vessels to keep track of any ships with potentially problematic results, while also producing forecasts for those ships’ end-of-year CII ratings based upon historical routing and weather patterns.
Different operating conditions, speeds and weather scenarios can additionally be simulated to see their impact on CII ratings, allowing users to assess the trade-off between financial returns and CII scores.
“We’re all about helping shipping companies make smarter, more data-driven strategic decisions,” said Bearing CEO Dylan Keil.
“These companies know the new CII regulation will affect their business, but they have no way to accurately assess its impact on a ship-by-ship basis. We do, by combining our best-in-class AI models with data from around the world.”
“With our CII Optimization product, shippers can see what we see and take the steps they need to reduce their environmental impact while improving their bottom line.”
Ongoing R&D and go-to-market efforts for the new CII product have been boosted by the announcement of $7 million in post-seed funding from existing investors Mitsui and AI Fund, bringing Bearing’s total investment to date to $10 million since it was founded in 2019.
The firm has already partnered with Mitsui Group company Mitsui O.S.K. Lines (MOL) on development of its earlier products, and last year agreed a deal with fellow Japanese shipping company ‘K’ Line to implement its Bearing Analysis Dashboard on more than 300 vessels.
“Bearing has made a remarkable impact in a short period of time, earning the trust of some of the world’s largest maritime shipping companies,” said Yoshio Kometani, Representative Director, Executive Vice President of Mitsui.
“This new product demonstrates Bearing’s deep understanding of customer needs and the remarkable power of its AI platform. We are proud to partner with Bearing as it helps to make international shipping more efficient and environmentally friendly.”
