A Newton startup deploying its technology on the high seas has raised new capital.
ShipIn Systems announced this morning that it has closed a $24 million Series A round. Zeev Ventures, a Silicon Valley venture capital firm, led the round, with participation from at.inc/, Hyperplane and Munich Re Ventures.
ShipIn uses AI and visual analytics to provide fleet management services for vessels like container ships, tankers and car carriers.
“We’re thrilled to partner with Zeev Ventures to help maritime shipping become safer and more productive, and to bring data-driven visibility to an industry that had not previously benefited from access to these powerful tools,” ShipIn CEO Osher Perry said in a statement. “For the first time, ship owners, managers and crew can see the same information at the same time, and collaborate as if they are working shoulder-to-shoulder, despite being oceans apart.”
Oren Zeev, founding partner at Zeev Ventures, said this is the first time he's invested in the maritime industry.
“With so much pressure on the global supply chain, this industry is changing rapidly and undergoing significant transformation. ShipIn is at the forefront of the maritime technology space, building an operating platform to advance and modernize global shipping fleets,” Zeev said.
Zeev Ventures has invested in companies including Audible, TripActions, Uber Freight, Tipalti, Houzz and Next Insurance.
Perry co-founded ShipIn in 2019. He previously served for about seven years in the Israeli Navy, eventually becoming a lieutenant commander. He then spent two years sailing the world, earned his MBA and worked in impact investing and building Israeli startups in the Boston area.
Perry said he started ShipIn to bring together his experience on the ocean and with technology. The company’s products help detect things like security hazards, operational anomalies and machinery concerns onboard ships. It also alerts crews onboard and ashore to help resolve the issue.
ShipIn says it has seen an impact with its customers in reducing losses onboard cargo ships and increasing cargo operations productivity. The company said it plans to use the new funding to scale and expand its visual analytics platform capabilities.
ShipIn also made news earlier this year due to its unusual company perk. The company pays for its employees, from software engineers to sales reps, to become certified ship captains.
Perry said he introduced this benefit to help employees develop a better understanding of their work.
“The number of people that have done both tech development, tech sales and maritime experience is very limited,” Perry said at the time. “We can’t send people to tankers halfway around the world. Let’s just think about how we just create that language, that understanding, of what is the sea.”
