A US-based start-up company can finally bring its maritime data analytics platform into the commercial shipping market after securing private equity finance.
Seattle, Washington-headquartered ioCurrents has secured US$5M funding from Imagen Capital Partners to deliver its MarineInsight data analytics platform to commercial maritime markets.
This cash injection will be used to expand sales and marketing efforts for a broader roll-out of its flagship product, which has been trialled by operators of workboats and fishing vessels.
MarineInsight uses machine learning to provide predictive analytics and real-time insights of the operational health of vessels, said ioCurrents co-founder and chief executive Cosmo King.
“Operators who employ the platform’s advanced analytics experience more uptime, increased efficiency and significantly-reduced maintenance costs,” he said.
“This additional investment will allow ioCurrents to build on our existing success and provide more value to the maritime industry as a whole.”
MarineInsight gathers, analyses and transmits data in real-time over cellular, satellite or wifi communications links. Operators can access this data through a cloud-based portal.
MarineInsight provides vessel operators and fleet managers with descriptive, predictive and efficient analytics for engines, generators and other vessel assets. ioCurrents said its platform can identify and prevent failures, resulting in significantly-reduced operating costs and risk profiles for its customers.
Early users of the platform are Western Towboat Co and B&N Fisheries.
Western Towboat Co chief engineer Ed McEvoy said MarineInsight was a major improvement on the information available to the office during tug operations. “We are able to monitor engine data in real-time and prevent engine failures,” he said.
B&N Fisheries fleet manager Jerry Downing said “This is something the industry has been looking for and wanting for a long time and did not know where to find it.”
Solutions for monitoring and analysing the condition of on board machinery will be revealed at Riviera Maritime Media's Sulphur Cap 2020 Conference, Awards and Exhibition, in Amsterdam, in the Netherlands, in May
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