Orca AI, a Tel-Aviv based AI shipping specialty company, has secured a significant investment boost of $23m following a strategic partnership with marine insurer North Standard.
This latest funding round, led by OCV Partners and Mizma Ventures, with participation from Santa Barbara Venture Partners and Playfair Capital, brings Orca’s total raised capital to $38.6 million, according to InsurTech Insights.
Founded in 2018 by Yarden Gross and Dor Raviv, Orca AI has pioneered an AI platform aimed at maximising voyage safety, efficiency, and sustainability for ships and fleets. Utilising advanced monitoring technology, Orca enhances human watch-keeping, ensuring fleet safety while minimising environmental impact.
Notably, Orca’s solutions have resulted in substantial fuel savings of 3-5% per year and a significant reduction of over 170,000 tons in CO2 emissions, underscoring its commitment to sustainability and innovation.
CEO Yarden Gross commented, “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.
“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.”
The latest funding round follows Orca’s strategic partnership with Global Marine insurer North Standard. Colin Gillespie, Global Head of Loss Prevention at North Standard, expressed confidence in Orca’s ability to enhance operational safety, citing its proven track record in supporting bridge teams and reducing close-quarters situations. Gillespie affirmed North Standard’s commitment to deploying Orca’s platform to improve the safety and efficiency of its operations.
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.”
Orca AI’s continued growth trajectory and strategic partnerships underscore its position as a frontrunner in revolutionising maritime safety and efficiency through innovative AI solutions.
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