Orca AI, a London-based startup co-founded by Yarden Gross and Dor Raviv, recently acquired $23M in funding from OCV Partners and MizMaa Ventures. The funds are set to boost the company’s development of artificial intelligence (AI) technology designed to transform the maritime industry. The co-founders believe their technology will enhance safety, efficiency and cut operational costs for shippers globally.
The innovative technology employs advanced algorithms and machine learning to expertly navigate ships, reducing fuel dependence and travel time. Particularly effective in congested waters, it can predict and manage potential maritime challenges, ensuring safer and more efficient journeys. Furthermore, its ability to decrease fuel wastage positions it as a valuable contender for maritime players seeking eco-friendly solutions.
Orca AI’s funding boost for maritime advancements
The newly acquired capital primarily aims to further Orca AI’s growth, support new product development, and boost client data extraction to improve operational efficiency. In addition, the funds will help enhance Orca AI’s presence in the market and refine its sales and marketing strategies. Under this plan, Orca AI is also set to expand data amortization from clients, aiding operations optimization and the delivery of superior services.
CEO Yarden Gross envisions a future where autonomous shipping redefines the transportation industry, anticipating benefits such as improved fuel efficiency, safer trips, and increased automation. The integration of Orca AI’s system is expected to benefit fleet management significantly by facilitating more streamlined operations.
Data shows that Orca AI’s navigation technology reduces “close encounters in open waters” by 33% and “crossing events” by an impressive 40%, saving each ship between $100,000 and $300,000 annually in fuel costs. Significantly, it also contributed to reducing CO2 emissions by 70,000 tonnes over one year, highlighting its crucial role in promoting environmental preservation.
Hemi Zucker, OCV’s managing partner, sees tremendous potential in Orca AI’s technology, endorsing the vital role of maritime transport in global trade and economy. Major shipping corporations like MSC, NYK, Maersk, and Seaspan have partnered with Orca AI, illustrating the promising market growth this technology may spur.
