ETF Partners invests €3.0 million in DeepSea Technologies, a leading AI software platform for maritime industry
April 2020 – Athens, Greece
ETF is pleased to announce its €3.0 million investment into DeepSea Technologies, an AI-based software platform for the monitoring and optimisation of ships. The investment will be used to fund additional customer deployments around the world, as well as for new product development.
DeepSea has built the leading optimisation and monitoring software platform for maritime vessels which relays detailed operational data, and real-time state-of-the-ship performance, back to shipowners and charterers during a voyage. The team then uses its AI capabilities to provide enhanced visibility and insights to improve ship/fleet performance, making recommendations based on the collected, underlying data. 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.
The company is led by its two founders, Konstantinos Kyriakopoulos and Roberto Coustas, who possess a long heritage in shipping, and are graduates of Oxford and Cambridge respectively, with advanced degrees in machine learning and AI. With a technology team of over 40, DeepSea is one of the largest venture-backed companies in Greece today, which is at the centre of the commercial, maritime industry.
“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.”
“We saw a big opportunity to apply next-generation technology to an industry that we know well,” explained Roberto Coustas, Co-Founder and CEO of DeepSea. “This is even more true today, as the recent global pandemic will encourage the industry to adopt best-in-class operating models, as traditional supply chains are redrawn and ultimately strengthened. With this further investment from a leading, sustainable investor, we are looking forward to taking DeepSea to the next level.”
“Roberto and Konstantinos have the drive and commitment to make DeepSea a great success,” added Robert Genieser, Managing Partner at ETF. “This marks our first investment in Greece, and it highlights how far and fast that country has moved forward.”
DeepSea is an award winning A.I. company, providing software for the monitoring and optimisation of ships. The company was founded in 2017 in the Global shipping capital, Athens, where it employs over 40 people today. The team is working closely with some of the biggest names in the industry to deploy their solution worldwide, and with a focus on quality of the technology and customer service, aims to remain at the forefront of innovation in this field.
For more information, please visit: deepsea.ai
ETF Partners supports talented entrepreneurs and management teams with investment capital and experience. Our funds come from institutional investors, global corporations and family offices. We create value by investing in technology companies that make a difference. We call it ‘sustainability through Innovation’. For more insight into ETF Partners’ view on Sustainability through Innovation, please read our investor briefings.