Newcastle startup CetoAI has raised £1.5 million to drive innovation in the maritime industry.
The predictive analytics company’s seed funding round was led by Howden Ventures with participation from Chaucer Group, Founders Factory and existing investors from the Business Investors Group.
Combining high-frequency data, engineering expertise and artificial intelligence it aims to reduce machinery breakdowns, cut carbon emissions and manage operational risk.
The investment deal includes a strategic partnership between CetoAI and Chaucer Group, which is poised to accelerate innovation, improve risk management and drive advancements that will benefit both the maritime industry and the broader marine insurance sector.
The marine and innovation team at Chaucer will work closely with CetoAI over the coming months providing deep industry expertise around the marine market as the company moves towards the delivery of a new insurance product.
“We are delighted to welcome a host of new investors to CetoAI. Having the support and access to an unparallelled network, including ties to some of the largest ship owners and operators across the maritime sector, will help support our significant growth ambitions over the coming years,” said Tony Hildrew, founder and CEO of CetoAI.
“The strong relationships, which our new investors formed throughout the years, raise and shared vision for new predictive analytics technologies in the space. This meant that the decision on where to take capital from was an easy one when we opened the round.”
Tom Hoad, head of Howden Ventures, added: “It was clear from the outset that CetoAI’s technology was borne out of years of experience with commercial vessels.
“This client understanding, coupled with Howden Venture’s MGA platform, represents a step change in the way that vast streams of data will be used across maritime and marine insurance underwriting.”