Maritime behavioural science startup Signol reports that it has raised £2.5 million in new capital, in a funding round led by New York-based venture capital firm TMV, alongside ship operator Ultranav, and MOL PLUS, the venture arm of Japanese shipping company Mitsui O.S.K. Lines (MOL).
London-based venture capital firm East Innovate, which led Signol’s previous funding round, has also reinvested as part of the new round.
“It’s crucial that we invest in solutions which can have an immediate impact to improve the sustainability and efficiency of legacy industries like shipping,” said TMV co-founder and general partner Marina Hadjipateras.
“There’s always a human factor when it comes to transforming industries – especially in maritime, whose overall market size is valued at over $152bn and which is responsible for 90% of the way in which goods are transported. Signol harnesses the real power of people to shift operational behaviour and culture towards more sustainable practices.”
“We believe this approach can extend to multiple verticals beyond aviation and shipping, making it an attractive investment case, particularly given Signol’s plans to explore how AI can further empower individuals to perform their jobs as efficiently and effectively as possible. This use of AI will maximise the potential of human decision-making and increase the value of the human workforce.”
Signol applies behavioural science to assist shipping companies in achieving sustainability targets. The company offers software that uses a data-led approach to motivate seafarers to reduce fuel consumption, allowing individuals to understand the impact of their actions on overall fuel usage and CO2 emissions.
“Securing investment from industry-leading companies like Ultranav and MOL is a significant endorsement from the maritime industry that our human-centric approach is seen as a critical lever in companies’ sustainability strategies,” said Michael Fanning, Signol CEO.
“Adding Marina Hadjipateras and Per Lange (from Ultranav) to Signol’s board is another huge benefit. They bring a wealth of investment and industry experience coupled with great enthusiasm for Signol’s purpose, which I am confident will serve to accelerate Signol’s growth and impact.”
