Switzerland-based commodity and energy trader Mercuria has invested US$1.5 million into Australian start-up rise-x, a provider of blockchain-based marine fuel management systems.
Mercuria subsidiary Minerva Bunkering has previously used rise-x’s DIANA platform to digitally track refuelling of ships at global ports, with the two firms announcing a partnership last summer to establish a spin off business that combines Minerva’s Advanced Delivery Platform (ADP) with DIANA to create an end-to-end bunker management service.
“We have been working with rise-x for some time now and have been impressed with the team and the technology,” said Mercuria’s Chief Operations Officer Alistair Cross.
“The software system has proven its potential to improve productivity and to increase transparency and traceability across the global commodities ecosystem.”
rise-x recently exceeded its initial US$2.5 million funding target by securing US$2.77 million in total private investment, including Mercuria’s support. The company was also named as a recipient of AU$895,000 under the Australian government’s Accelerating Commercialization Grant Programme.
“We can use blockchain and the interconnectivity of the world to bring customers, suppliers, financers, accountants and others onto a common platform that can be accessed from anywhere,” said Rise-x co-founder and Chief Executive Officer Rowan Fenn.
“All parties can access a common truth to observe and manage transactions such as commodity exchanges, goods movements and service deliveries with immutable records created in real time. Every step along the way has been recorded securely in a common, transparent place.”
“We can create smart contracts that will record carbon emissions from everyday activities so companies can offset those emissions in an open and transparent way. But more importantly, we can use the same technology for carbon offset companies to prove that they are credible and delivering what they have promised.”