Predictive analytics company CetoAI reports that it has raised £1.5 million in seed funding to support the further development of its artificial intelligence applications for the maritime and insurance sectors, used to identify machinery breakdown risks.
The investment round was led by Howden Ventures, with participation from Chaucer Group, Founders Factory, and existing investors from the Business Investors Group.
“We are delighted to welcome a host of new investors to CetoAI. Having the support and access to an unparalleled network, including ties to some of the largest ship owners and operators across the maritime sector, will help support our significant growth ambitions over the coming years,” said Tony Hildrew, Founder and CEO of CetoAI.
“The strong relationships which our new investors formed throughout the raise and shared vision for new predictive analytics technologies in the space meant that the decision on where to take capital from was an easy one when we opened the round. We couldn’t be happier with how this fund raise went.”
In addition to the new investment, CetoAI has also secured a new strategic partnership with insurance firm Chaucer Group, with the marine and innovation team at Chaucer set to work with CetoAI to gain better insights into the marine market as the company moves towards the delivery of a new insurance product.
“CetoAI are pushing the boundaries of data and analytics in the marine industry. Their unique technology enables not only risk response, but true risk prevention and mitigation,” said James Irvine, Head of Marine Global Hull Lines at Chaucer.
“Our partnership with CetoAI is the perfect marriage between innovation and insurance, enabling us to develop new solutions for the marine insurance market, ones that deliver real value to clients.”