OceanScore completes successful seed funding round
Hamburg-based OceanScore, a technology developer and data provider in the maritime field, has completed a successful funding process that has raised capital from investors including MSC, P. Döhle, the Schoeller family, TecPier and Israel’s theDOCK.
The tech firm, set up in 2020, has built a digital platform that monitors the world fleet of 109,000 commercial ships. The setup enables stakeholders to benchmark ship operations against sustainability goals and allows third parties to assess companies’ environmental, social, and governance (ESG) performance.
The AI-powered platform uses proprietary engineering algorithms and advanced regression models to analyse data from a range of sources, tracking ships’ emissions and providing 50 ESG scores on vessel safety and reliability, environmental performance, and adherence to the United Nations Sustainable Development Goals, the company revealed in a statement.
Data available on the system is potentially useful for many of shipping’s service providers, including investors, financiers, cargo owners, ports, insurers, and others. The platform in designed to facilitate collaboration and data-sharing among industry groups, providing a single source of verified data to all parties for tracking vessel and ship managers’ sustainability, OceanScore said.
Albrecht Grell, the company’s co-managing director, commented: "We are delighted with the level of investment interest in OceanScore after detailed scrutiny by these highly reputable investors. Their investments represent a firm vindication of our potential and the quality of our data, solutions, and capabilities, while also providing a strong foundation for further growth."
His colleague, co-managing director Ralf Garrn, noted the increasingly complex regulatory backdrop facing ship operators today. Expanding ESG reporting requirements and new environmental regulations, such as the implementation of the EU Emissions Trading System (EU ETS) from 2024, have resulted in greater complexity for the industry, he said.
"Our team combines decades in shipping with deep engineering and data science competence. We bring that to bear when building solutions to support shipping in its transition to net-zero," he added.
Commenting on MSC’s investment, group president Diego Aponte said: "In addition to our massive investment in lower-carbon technologies and fuels, MSC continues to focus on improving energy efficiency. We have decided to leverage OceanScore to provide better visibility on the environmental and broader sustainability performance of ships in our fleet. We will encourage our customers, charter tonnage providers, and other stakeholders to join MSC in this initiative."
Speaking for theDOCK, Nir Gartzman said: "OceanScore’s analyses are predicated on advanced data science and deep engineering expertise to provide effective decision-support tools to optimise sustainable fleet management. This gives us a high level of confidence in its solution."
As part of its transparency policy, OceanScore if working with Scope Ratings, a European credit rating agency, to provide independent validation of its scores.
