Portchain raises $5m

Danish container ship schedule management platform Portchain reports that it has raised $5 million in investment from Angular Ventures through a new funding round.

The additional capital will be used to make new hires, develop products and improve services so that the company can scale and expand its customer base of shipping carriers and terminals.

Portchain says that it already has 20% of the world’s container terminal capacity connected to its network, with 100 terminals having signed up to its Portchain Connect platform since it launched less than two years ago.

The Copenhagen-headquartered firm has staff based in Dubai, The Netherlands, Turkey, Spain and Italy.

Portchain’s trio of co-founders first met at McKinsey where they worked on projects for shipping clients. After spending four years building a network of industry stakeholders and working on prototypes, the team unveiled Portchain Connect in 2021.

The berth alignment platform builds on their first product, Portchain Quay, a planning tool for terminals to manage quay, crane and labour resources, adding new tools to digitalise data exchange between terminals and container carriers and allowing for ‘digital handshakes’ so they can agree on when the vessel will arrive, how many containers it will bring and its arrival and departure times.

The software tracks changes to schedules, berth slots and sailing times and combines them with historical data and AI prediction tools.

“The global economy depends on the shipping industry, but it runs on outdated systems with operational staff communicating by phone, email and WhatsApp,” said Gil Dibner, co-founder of Angular Ventures.

“Portchain is the only platform which bridges the divide between container shipping lines and terminals across borders and links them to a digitally-connected global network of information. There is huge growth potential and this investment will help the team secure new customers and develop products.”

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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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