London-based Vortexa, a company that provides real-time data and analytics tools for waterborne energy and shipping markets via AI, has raised $19M (approx €15.8M) in its Series B round of funding. The round was led by Monashees, a Brazilian VC firm that invests in entrepreneurs committed to creating innovative solutions for a new world.
Caio Bolognesi, Partner at Monashees, says, “Without access to high-quality information, it is very difficult for energy and shipping companies of any size to be competitive in the market. Vortexa is playing a key role in levelling up the industry.”
The current round also saw participation from existing investors including, Notion Capital, Mosaic Ventures and Metaplanet Holdings.
Use of the funds
Vortexa will use the raised capital to further accelerate its international expansion and product development.
Fabio Kuhn, founder and CEO of Vortexa says, “The combination of state-of-the-art technology with energy markets expertise provided by Vortexa is unlocking immense value for our clients, partners and society. With our Series B, we are well-positioned to scale our international expansion and technology development even faster.”
With this round, the total amount raised by the company is now more than $30M (approx €24.9M), to date.
What does Vortexa do?
The company was founded in 2016 by CEO Fabio Kuhn (the former Head of Trading Technology & Analytics at BP), and Etienne Amic (Chairman). Vortexa’s team of engineers, data scientists, and market analysts have created a system of data and analytics tools to view global flows of oil & gas, delivered in real-time.
Its web-based app and programmatic API/SDK interfaces help traders, analysts and charterers make high-value trading decisions with confidence. The company’s clients include oil supermajors, commodities trading houses, investment banks, brokers, and ship owners, spanning globally.
According to the press release by Vortexa, “With $1.8T (approx €1.4T) of trades on water per year, the physical energy market is still one of the most opaque markets in existence today. Data is fragmented and incomplete, leading businesses to make high-stake decisions in the dark. Vortexa shines light on the physical flows of energy to help traders, analysts and charterers identify opportunities to move energy more economically and efficiently.”
The company claims to have seen exponential growth after it raised $5M (approx €4.1M) in Series A round back in 2019. And, in 2020 revenues tripled as the company opened offices in Singapore and the US while doubling its organisation’s employee count to more than 70 people.
A little about the founders
Vortexa co-founders, Fabio Kuhn (CEO), and Etienne Amic (Chairman), who share a deep understanding of the energy market and a mutual passion for tech, saw a major inflection point in the industry, leading to a new era of opportunities.
Etienne holds a PhD in Quantum and Theoretical Physics and has witnessed first-hand the powerful combination of advanced quantitative analysis and trading while running the European trading business of JP Morgan and Mercuria. Alongside his role as Chairman at Vortexa, Etienne is also the CEO of VAKT, a blockchain-powered post-trade management platform.
As for Fabio, he ran the global front office Trading Technology Programme and Innovation Group at BP in London. Prior to that, he was at Uniper’s trading arm in Germany. His experience in the energy industry, along with several years as a statistical arbitrage trader at a hedge fund, led him to realise that it is possible to use new data streams and AI to close the massive information gap between the physical world and the energy trading desk.