Orca’s funding was led by OCV Partners and MizMaa Ventures, with participation by Santa Barbara Venture Partners, Playfair Capital alongside strategic based investors.
Founded in 2018 by Yarden Gross and Dor Raviv, the AI platform seeks to maximise voyage safety, efficiency and sustainability for ships and fleets. Through constant monitoring (which mimics and enhances human watchkeeping), Orca keeps fleets safe whilst also minimising a ship’s environmental impact. Last year, it was estimated that Orca AI resulted in an average 3-5% savign on fuel per year as well as an over 170,000 ton reduction in CO2 emissions. From a security perspective, ORCA allows crew to anticipate and counteract threats such as drone attacks and piracy.
CEO Yarden Gross commented that “Innovations in high-speed, low cost, global connectivity, such as with Elon Musk’s Starlink have opened the door for advanced technologies such as AI on board vessels to improve operational efficiency and safety. It’s a welcomed pivotal moment, as despite the majority of global cargo transported by sea, the maritime industry has lagged behind industries such as aviation when it comes to keeping up with technological innovations.”
Gross went on to add: “We’ve recently proven forward-thinking companies that adopt our technology have seen huge operational improvements from year to year, in creating a safer and more efficient shipping industry. These Improvements are crucial for shipping companies in meeting corporate sustainability targets, but importantly the benefits are far-reaching beyond just the customers.”
Hemi Zucker, Managing Partner at OCV commented “While planes, trains, and automobiles have seen tremendous progress and investment in regards to autopilot and collision prevention, we believe that the shipping industry is still up for grabs and there is a category-defining opportunity in autonomous ships – ships that captain themselves.”
Catherine Leung, Co-Founder at MizMaa emphasised how the platform’s environmental credentials are “what makes the Orca AI platform stand out and be trusted by the leading shipping companies in the world.”
The funding round builds on recent news that Orca will partner with the Global Marine insurer North Standard. Colin Gillespie, Global Head of Loss Prevention at the Group commented on the partnership “Having seen how Orca AI supports the bridge team by improving their situational awareness we are confident that it reduces the number of close quarters situations. By extension this must reduce the number of collisions, so it was an easy decision to partner with them to support NorthStandard members in enhancing the safety of their operations
Gillespie added “The Orca AI platform is already used by leading shipping companies worldwide and we believe it will quickly deliver safety and operational benefits to those of our members who choose to deploy it.”
