Qishin Tariq · · 2 min readSG maritime platform nets $2.5m in pre-series money
Maritime platform Smart Ship Hub raised US$2.5 million in a pre-series A round led by Ideaspring Capital and StartupXseed Ventures.
Photo credit: Chuttersnap on Unsplash
This is its first fundraising round, as Smart Ship Hub stated it did not require external funds as it has been profitable since launch.
Smart Ship Hub offers fleet management SaaS for ship owners and operators, charter parties, maritime insurers, and port authorities. The Singapore-based firm’s Marine Insights feature is a data platform that provides actionable intelligence, smart alerts, and performance advisory for an entire fleet using millions of records.
Digital platforms are fundamental in disrupting maritime legacy processes, where inefficient and legacy workflows in ships and shore are gradually giving way to automated remote management, said Joy Basu, Smart Ship Hub’s founder.
He added that though maritime vessels are the largest mode of transport, the global industry suffers from operational inefficiencies and a lack of visibility and transparency, which in turn can lead to commercial leakages.
Smart Ship Hub will use the proceeds for sales expansion, shoring up its digital platform to handle hundreds and thousands of ships. It is also looking to give customers more value by offering a captive performance center for a fraction of the cost thatthey incur with conventional companies.
See also: Dutch startup plans to keep Southeast Asia afloat – literally
Editing by Miguel Cordon and Eileen C. Ang
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