Insider Brief
- Emerald Technology Ventures has invested $12 million in Sea Machines, a developer of autonomous maritime vessel technologies, alongside other investors, to enhance technological development and market expansion.
- Sea Machines Robotics, based in Boston, specializes in autonomous piloting systems for sea vessels, improving navigation efficiency, productivity, and safety with its proprietary technology.
- The investment supports Sea Machines’ contribution to the growing autonomous shipping sector, addressing industry challenges such as cost, labor shortages, and the need for decarbonization in line with global sustainability goals.
PRESS RELEASE — Boston/February 6, 2024 — Cleantech venture capital pioneer Emerald Technology Ventures has invested into Sea Machines, a developer of autonomous control systems and advanced perception technology for maritime vessels. This 12 million USD funding round, which was joined by Nabtesco Technology Ventures (NTV), Chevron Technology Ventures, Ingram Industries, RKKVC, Level 2 Ventures, and IMC Ventures, will help Sea Machines hone its technological edge and grow its market presence. This follows a 2023 financing led by the Geekdom Fund.
Boston-based Sea Machines Robotics is a global leader in autonomous piloting systems meant to help sea vessels navigate and operate with greater efficiency, productivity, and capability. Its proprietary technology allows onboard computers to maintain precise control of vessel position, steering, and speed during a voyage, reroute as needed to avoid traffic and obstacles, and use streaming data to improve operations. The startup also develops solutions for computer vision, remote command and control, and advanced data collection along shipping routes, among other applications.
Sea Machines’ innovations are helping it grab a share of the fast-growing market for autonomous shipping services, an increasingly important enabler of resilience for the maritime sector — itself the foundation of most global trade. One estimate pegs growth in the autonomous ships sector at 9.6% annually between 2022 and 2030.
Key considerations behind the shift toward autonomy include cost pressures, labor shortages, safety, fuel savings and greenhouse gas reductions. The latter is a particularly pressing concern for shipping, given the challenges of decarbonizing the sector — an area that Emerald is actively engaged in. While clean fuels like hydrogen could potentially serve as a long-term catalyst for a greener industry, they will need to be paired with leaps in operational efficiency along the lines of Sea Machines’ solutions in order to help the sector achieve Paris Agreement-aligned emissions reductions.
Emerald has a robust track record funding startups that are pushing the envelope on industrial efficiency as a lever for achieving climate and sustainability goals. Recent deals in this space include investments into wind turbine optimizer eologix and agriculture disruptor xFarm.
Japan-based NTV is the venture arm of Nabtesco, a leader in industrial technology solutions, and is one of Emerald’s corporate venture capital-as-a-service clients. Under this arrangement, Emerald manages NTV’s deal flow and advises it on the best investments to match its needs and strategic priorities.
CONTACT FOR EMERALD: [email protected]
CONTACT FOR SEA MACHINES: mailto:[email protected]
ABOUT EMERALD TECHNOLOGY VENTURES
Emerald is a globally recognized venture capital firm founded in 2000, that manages and advises assets of over €1 billion from its offices in Zurich, Toronto and Singapore. The firm invests in start-ups that tackle big challenges in climate change and sustainability, with 4 current funds, hundreds of venture transactions and four third-party investment mandates, including loan guarantees to over 100 start-ups. Bold Ideas. Bright Future. www.emerald.vc
ABOUT SEA MACHINES ROBOTICS
Headquartered in the tech hub of Boston and operating globally, Sea Machines Robotics, Inc. is the leader in pioneering autonomous command and control and advanced perception systems for the marine industries. Founded in 2017, the company builds autonomous vessel software and systems, which increases the safety, efficiency, and performance of ships, workboats, and commercial passenger vessels. Learn more about Sea Machines at www.sea-machines.com.
