South Korean start-up SeaVantage, developer of a real-time ocean supply chain data platform, has raised $1.3 million in a new funding round, led by We Ventures.
Other investors include IBK Capital, Lindeman Asia Investment, and BDC Labs, with the new funds to be used to support the global expansion of the company, as well as further product development.
SeaVantage provides ocean shippers and logistics service providers with maritime predictive analytics tools that offer insights into container and vessel status, schedule changes, and port & terminal congestion.
Since the launch of the platform in late 2021, SeaVantage says it has signed up clients including POSCO, Hyundai Glovis and Samsung SDS, as well as, most recently, ocean freight forwarder LX Pantos.
“With this funding, we hope to expand into a global supply chain visualisation platform and further increase the accuracy of our maritime predicted analytics,” said Gene Song, CEO and founder of SeaVantage.
SeaVantage initially attracted angel investment from Lindman Asia Investment when it was founded in May 2018 and was later selected to join the Korean government’s Tech Incubator Program for Start-ups (TIPS), an initiative that provides new business with government support matched with private investment. Further seed investment funding was raised from Bluepoint Partners in 2020.