Green-tech fund ETF Partners invests €3.0 million in DeepSea Technologies
DeepSea Technologies is pleased to announce the completion of a €3.0 million investment by London-based venture capital company ETF (Environmental Technology Fund).
The fund’s decision to forge ahead with the investment at this time shows a strong faith in the company’s ability to thrive amidst the current market conditions, as well as in the resilience of the maritime industry as a whole.
DeepSea provides AI-based software platforms for optimisation and monitoring of commercial vessels worldwide.
The insights provided by the platforms allow shipping companies to save fuel, reduce emissions, and monitor their vessels remotely. The investment will be used to fund additional customer deployments around the world, as well as further new product development.
The company is led by its two founders, Roberto Coustas and Kostantinos Kyriakopoulos, who graduated from Oxford and Cambridge with advanced degrees in artificial intelligence. With a technology team of over 40, DeepSea is one of the largest venture-backed companies in Greece, a country at the centre of the commercial maritime industry.
Increasingly, the maritime industry is looking to enhance operating efficiencies, reduce carbon emissions, improve communication between charterers and ship owners, and to respond to greater regulatory oversight.
“90% of all goods reach us by sea, with the shipping industry serving as the backbone of the global supply chain,” said Lucy Rands, Investment Manager at ETF. “While shipping by sea is one of the greener forms of transport, certainly when compared to air, we still have a tremendous opportunity to improve the maritime industry, by cutting down on its CO2 emissions and curtailing ship pollution. Using Deepsea’s performance monitoring software, and AI-driven recommendations, the industry can take a positive step forward.”
Co-founder and CEO Roberto Coustas, says “At this time when corona virus is impacting the way every business operates, our remote-access systems allow shipping companies to actually increase visibility, return on investment and carbon efficiency – wherever they are in the world. Having the support of ETF will allow us to focus on bringing our solutions to a global audience.”
“It’s clear that Roberto and Konstantinos really understand shipping and technology, and we believe their approach to solving these deeply significant problems in the industry is vital” added Robert Genieser, Managing Partner at ETF.