With the funding, Nortech AI seeks to push the maritime industry’s transition from reactive to proactive use of data, catalysing a new era of cost savings and environmental conservation through reduced greenhouse gas emissions.
The AI company discovered its niche as the maritime industry began addressing the lack of connected information systems and the waste of resources in recent years.
Embracing a smarter maritime industry
The maritime industry has been one of the most consumptive industries in the world in terms of fuel consumption. It used approximately 202.5 million metric tons of fuel of differing types in 2020, including heavy and light fuel oil, diesel/gas oil, and liquefied natural gas (LNG).
As the maritime industry begins shifting to light fuel oil, the need for advanced AI technology to track the fuel’s usage becomes increasingly in demand.
Dubbed “maritime informatics”, the industry recognises a need for IT-powered collaboration that enhances operations, satisfies the client’s demands for transparency, and addresses societal concerns.
Popular uses of AI in the maritime industry include optimising navigation and routes, estimating fuel consumption with higher accuracy, maintaining equipment and vessels, and procuring real-time information on port density and traffic.
Michael Schmitt, a partner at Earlybird-X, says, “Industrial IoT is a critical conduit for streamlined, intelligent, and sustainable operations. Nortech AI simplifies the digitalisation journey, empowering industries to become more data-driven without hassle.”
Utilising AI for shipping operations
Nortech AI uses a plug-and-play solution to offer remote commissioning and capture and use industrial IoT data to its clients.
Vessels and their respective businesses can speed up their digital initiatives to make real-time decisions and enhance their operations. The solution works by scalable data models – built with live operational data and simulation data – where templates developed from successful proofs-of-concept can be contextualised and reused to solve many use cases with the same model.
When using Nortech AI’s services, clients from the shipping industry can track their vessels’ hull and propeller performance, slip, carbon intensity index, trim, and fuel performance levels.
Ultimately, the startup aims to interconnect various industrial needs from data analytics to process automation. Nortech AI will also expand the use of its platform and products in other industries thanks to the assistance from its latest funding round.
Stephan Morais, managing general partner at Indico Capital Partners, says, “The maritime industry is ripe for the implementation of software that helps it become more sustainable.”
“Nortech’s software is fast to integrate with existing systems onboard and therefore allows ships’ operations to become more sustainable immediately. We are proud to be supporting this transition of the global maritime industry with our Blue Fund.”