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VESSEL OPTIMISATION DEVELOPER SECURES FUTURE FUNDING

VESSEL OPTIMISATION DEVELOPER SECURES FUTURE FUNDING

Thursday, July 29, 2021 

Athens-based DeepSea Technologies, which specialises in vessel performance monitoring and optimisation, has secured 5m in fresh funding from existing and new investors, the company announced.

As shipping faces the dual challenge and opportunity of having to decarbonise and digitalise simultaneously, DeepSea’s technology enables its clients to make data-driven decisions to lead the industry forward. The investment reinforces DeepSea’s financial position and will enable further technological and product research, design, and development. The fresh funding will be invested in accelerating the company’s international commercial expansion, which will focus on Asian markets.

The round was led by Nabtesco Technology Ventures with participation from The Signal Group and existing investor ETF Partners. Nabtesco Technology Ventures is the Corporate Venture Capital arm of Nabtesco Corporation – a Japanese leader in shipping automation with a 40% market share – operated by climate tech venture capital firm Emerald Technology Ventures. The Signal Group is a diversified maritime, technology and investment firm and developer of The Signal Ocean Platform, a SaaS platform for the commercial optimisation of shipping. ETF Partners (The Environmental Technologies Fund) is a European sustainability focused venture capital fund. Founded in 2005, ETF Partners supports founders and businesses who are building cutting-edge technology to solve climate change.

The funding follows a rigorous technical due diligence process carried out by the investors, which involved months of research, technical tests to check the accuracy of the AI models that the company has developed, and strict competitive analysis to explore how DeepSea scored against fellow technological companies and competitors in the industry. The resulting investment future-proofs the company and demonstrates that DeepSea is trusted by sector-specialised investors.

In parallel with the investment, DeepSea Technologies and Nabtesco will begin a commercial and research cooperation which will see DeepSea’s partnership with Nabtesco's sales network, the development of joint products and the participation in joint research on technologies that will reshape the future of the maritime industry. Similarly, in addition to The Signal Group's capital participation, further collaboration opportunities will be explored following the funding. These partnerships are tangible proof that the investment has not only further strengthened DeepSea’s financial position, but also secured a specialised and robust sales network for the company and its participation in the development of innovative technological products for the shipping market.

Roberto Coustas, Co-founder and CEO of DeepSea Technologies, said: “We are thrilled to have secured this latest round of investment. Having the support and conviction of key industry partners who will support us in realising our mission of making shipping sustainable is extremely motivating for the whole team. This financing round, coupled with a very strong commercial environment driven by new vessel efficiency regulations from the IMO, make us very optimistic about the future. With Nabtesco’s support in Asian markets, we are certain that we will be able to assist shipping companies in the region to realise the commercial value of AI technology to improve their bottom line. The investment that we are announcing today opens the next chapter of DeepSea, as a global player in the performance and optimisation space.”

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