Sustainability startup Signol, which uses behavioural science to reduce emissions in shipping and aviation, has raised £2.5 million from leading industry-focused investors.
London-based Signol’s tech-enabled behaviour change service helps hard-to-abate industries fully engage their human workforce to make the most of the opportunities they already have to reduce emissions through their daily tasks.
The investment round was led by New York-based venture capital firm TMV, which invests in legacy industries ripe for disruption, such as healthcare, the future of work, maritime, ports and mobility.
The round included participation from leading industry stakeholders: Ultranav, a global diversified ship-operator, and MOL PLUS, the venture arm of Japanese shipping company Mitsui O.S.K. Lines, Ltd. (MOL).
London-based venture capital firm East Innovate, which led Signol’s previous funding round, has reinvested.
TMV’s co-founder and general partner Marina Hadjipateras said: “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.
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“There’s always a human factor when it comes to transforming industries – especially in maritime, whose overall market size is valued at over $152 billion 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.”
To date, Signol has saved shipping and aviation companies more than 100,000 metric tonnes of CO2 by optimising human decision-making, without any technological or physical changes to ships or aircraft. The CO2 savings stem from reductions in fuel consumption up to 1% in aviation and 12% in shipping.
Michael Fanning, Signol’s CEO, said: “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.
“Adding Marina Hadjipateras and Per Lange 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.”
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