A maritime startup with several carriers on its list of customers has closed a new investment round led by a fund related to IT giant Microsoft.
In total, Nautilus Labs, which collaborates with Eagle Bulk Shipping, Dorian LPG and Teekay, raised USD 11 million in a Series A round. The largest investor was Microsoft's venture fund M12.
The money will be used for further development of Nautilus Labs' product, which helps shipping companies save up to 30 percent of their fuel consumption by using data and artificial intelligence.
Nautilus Labs was founded in 2016 by Anthony DiMare and Brian O'Clair. It has an office in New York employing 17 people, of which several have worked at Google, Amazon and IBM.
"We are trying to help our clients harvest the value of high-frequency data across their organization in order to drive a range of decisions they can make regarding each ship or voyage or fleet," CEO Matt Heider told ShippingWatch in February.
Nautilus Labs has raised USD 13 million in total since the company's founding in 2016.
English Edit: Jonas Sahl Jørgensen
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