The startup uses machine learning and AI to help ocean shipping companies optimize fleet performance and reduce fuel emissions.
Maritime shipping technology startup Nautilus Labs announced Thursday it raised $11 million in Series A funding led by Microsoft’s venture fund M12, along with Root Ventures and existing and new investors including Quiet Capital, Trail Mix Ventures and Amplifier.
The New York-based company, founded in 2016, has raised $14.5 million in total. It plans to use the Series A funding to “triple in size over the next year, investing in engineering, data science and product development,” the company said in a press release.
Nautilus Labs aggregates data from onboard ships and combines it with meteorological, oceanographic and commercial data to build fleet profiles. The company’s technology platform, through machine learning and artificial intelligence, provides real-time analytics, alerts and decision support for operators to help shipping companies optimize fleet performance.
“Nautilus is creating an economic imperative for shipping businesses to reduce their fuel consumption,” CEO Matt Heider said in a statement. “Think of us as the artificially intelligent first mate that helps the captain and the crew to always take the profit-maximizing — and fuel-reducing —decision. Over thousands of voyages for hundreds of ships, we’re able to generate meaningful savings while bringing transparency and accountability to the industry.”
Nautilus Labs already has signed with fleets including Teekay, Dorian LPG and Eagle Bulk Shipping and said the platform has proven to reduce fuel emissions by more than 10 percent in a single voyage.