Korean vessel navigation technology start-up Mapsea has announced that it has secured new investment from partners including BNK and IBK Financial Group as it looks to expand its operations.
The Busan-based business provides augmented reality (AR/VR) marine data services, combining AI and sensor technology to analyse vessel movements and make predictions for different operational parameters, to assist in optimisation.
The company is particularly focused on providing tools to assist vessel operators in managing compliance with emissions regulations and supporting decarbonisation efforts, based on the impact on the market of the EU’s ETS regulations and the expectation that similar regimes will be introduced in other jurisdictions, like Korea, in the near future.
Following this Series A investment round in Korea, Mapsea says that it plans to seek additional investment from global investors in the second half of the year, with the firm having already begun working in the German and Singaporean markets.
“Starting this year, the scope of regulations on ships passing through EU waters will gradually expand,” said Kim Ji-soo, CEO of Mapsea (translated from Korean).
“The combination of ship navigation technology and a blockchain-based emissions trading platform is expected to produce strong synergy.”
