A predictive analysis platform for the maritime industry has raised £3.6m in a funding round to deliver predictive technology that sets a new standard for maritime operations.
Newcastle-based Ceto will also use the funding to scale faster and strengthen its collaborations across the maritime ecosystem, as it looks to expand globally.
The round was led by Dynamo Ventures, with participation from Howden Ventures, Signal Ventures Motion Ventures and Chaucer.
“For as long as humans have existed, so has our desire to sail the open water. It’s no surprise then that maritime – one of the world’s oldest industries – still relies on some outdated practices,”said Tony Hildrew, CEO and founder of Ceto.
“At Ceto, we aim to unite the power of AI with the indispensable human expertise at the heart of maritime.
“This kind of technology plays a critical role in identifying risk and improving decision-making, ushering in a smarter era for shipping and finance.”
Owners and operators starting fresh with data on Ceto’s platform can be fully onboarded and online in around 1-2 days.
For those who already have an existing data capture solution, the firm can use that available information and have a full fleet online in their system within 2-4 hours, a speed said to be faster than any competitor on the market.
Santosh Sankar, managing partner of Dynamo Ventures, added: “Maritime operations are the backbone of industry, with 80% of global trade by volume taking place over sea.
“An industry with this much global reliance is insured using analog practices that are a hundred years old. Ceto’s quest to reshape the future of maritime insurance is not just inspirational – it’s necessary.
“Our world won’t move forward if our supply chain is stuck in the past, and Dynamo is excited to be supporting Ceto as they embark on this journey to improve how these assets are monitored, maintained, and insured.”
Ceto aims to help ship owners run smarter, greener, and more cost-efficient operations with three key tools.
Its main platform, Watchkeeper, uses AI to track ships in real time, spot issues early and keep fleets running safely and efficiently.
CarbonID handles emissions and fuel tracking, helping ships stay compliant with environmental rules while cutting costs and pollution using AI, while Connected Insurance ties a ship’s performance data to its insurance, rewarding safer and more efficient operations with better terms and lower premiums.
The company has also appointed Bob Clarkson, who has more than 30 years of experience in marine insurance, as chief underwriting officer.