Signal Ocean invests $10m in Spire

Signal Ocean has agreed a new strategic investment deal with space-based data analytics firm Spire, which will see Signal Ocean take a $10 million stake in the business.

“We look forward to deepening our partnership with Spire, a leader in space technology and an established provider of fundamental data for the maritime sector with a global, cross-sector reach,” said Ioannis Martinos, CEO of The Signal Group.

“Our core belief is that technology adoption in the maritime sector is accelerated through a well-linked technology ecosystem that leverages synergies to the ultimate benefit of our users.”

Under the agreement, Spire and Signal Ocean will partner to leverage their respective capabilities, integrating Spire’s maritime monitoring datasets with Signal Ocean’s expertise in artificial intelligence (AI), machine learning and natural language processing to develop new digital offerings for maritime.

“Signal, as a group, brings deep knowledge of the maritime domain gained over years through the operation of commercial ships, the development of proprietary analytics tools and its multiple, successful investments across shipping, logistics and the commodities space,” said Peter Platzer, CEO of Spire Global.

“We’re thrilled to leverage Signal’s expertise in combination with Spire’s unique data capabilities to drive meaningful innovation that transforms the way we understand and navigate the maritime domain.”

The $10 million agreement includes the issuance and sale of 833,333 shares of Class A common stock at a price of $12.00 per share.

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Rob O'Dwyer

Rob is Chief Network Officer and one of the founders of Smart Maritime Network. He also serves as Chairman of the Smart Maritime Council. Rob has worked in the maritime technology sector since 2005, managing editorial for a range of leading publications in the transport and logistics sector. Get in touch by email by clicking here, or on LinkedIn by clicking here.

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