Maritime technology company Orca AI has announced the successful completion of a $72.5m Series B funding round to enhance its autonomous shipping solutions.
The investment was led by Brighton Park Capital, with contributions from existing investors, Ankona Capital and Hyperlink Ventures.
With this latest round, Orca AI has raised a total of $111m, having previously received investments from OCV Partners and Mizmaa Ventures.
This funding will facilitate the expansion of Orca AI’s autonomous platform and the introduction of new capabilities, including applications in the defence and security sectors.
Orca AI’s technology provides substantial enhancements in operational decision-making and voyage safety.
The company is claimed to have the largest marine visual dataset globally, derived from more than 80 million nautical miles.
This dataset, powered by advanced AI and computer vision, enhances situational awareness in maritime navigation, enabling crews to detect risks and targets that may be invisible to the human eye.
The system provides AI-driven alerts and recommendations, which help to lower the likelihood of collisions that can have significant economic and human consequences.
Enhanced connectivity in remote maritime areas, facilitated by satellite services such as Starlink, allows for the real-time transmission of data to Orca AI, which is essential for route mapping, traffic monitoring, and the dissemination of critical information.
This capability is vital for advancing autonomous navigation and improving vessel monitoring precision.
Orca AI CEO and co-founder Yarden Gross said: “Over the past two years, ships have become increasingly connected to the cloud, enabling large-scale data collection and unlocking the potential of AI.
“Orca AI is leading this transformation, deploying advanced AI technologies that make vessels smarter, safer, and more automated.”
Orca AI’s technology is already in use by global shipping firms, including MSC, NYK, Scorpio, and Seaspan.
Recent analyses indicate that Orca AI’s alert system has led to a 54% decrease in close encounter incidents, contributing to enhanced safety and reduced accelerations during voyages.
This improvement has resulted in average fuel savings of $100,000 per vessel annually, equating to an estimated reduction of 195,000t of CO2 emissions in 2024, according to the company.
In June 2023, TMS Group partnered with Orca AI to improve fleet safety. The Orca AI platform was implemented on TMS Cardiff Gas’s 11 LNG carriers and nine oil tankers from TMS Tankers.