UK software company Signol has won some big-name backers for its project to cut shipping emissions through behavioural science.
The Michael Fanning-led operation said it has banked £2.5m ($3.3m) from shipowners like Japan’s Mitsui OSK Lines and Chile’s Ultranav.
The idea of its app is to “fully engage” a shipowner’s workforce to make the most of the opportunities they already have to reduce carbon output through their daily tasks.
The investment round was led by New York-based venture capital firm TMV, which invests in legacy industries ripe for disruption, such as shipping and ports.
London venture capital outfit East Innovate, which led Signol’s previous funding round, has reinvested.
TMV’s co-founder and general partner Marina Hadjipateras said: “It’s crucial that we invest in solutions which can have an immediate impact to improve the sustainability and efficiency of legacy industries like shipping.”
“There’s always a human factor when it comes to transforming industries — especially in maritime, whose overall market size is valued at over $152bn and which is responsible for 90% of the way in which goods are transported,” she added.
Signol said it has already saved shipping and aviation companies more than 100,000 tonnes of CO2. Shipowners have seen fuel use cut by 12%.
It claims this has reduced bills by $25m.
The company is planning to explore how AI can further boost efficiency.
Not always easy
Ultranav International chief executive Per Lange said: “During my 40-plus year maritime career, I’ve seen first-hand that it’s not always straightforward to appropriately engage crew members in efficiency initiatives without adding to their workload and mental stress.
“With a strong foundation in behavioural science, Signol’s solution enables crew members to contribute as much as possible to sustainability goals while also improving the day-to-day experience at sea for our vital workforce,” he added.
In 2021, TradeWinds reported that major vessel manager Bernhard Schulte Shipmanagement was working with Signol to test the data system.
The pilot partnership was trialling how giving personalised performance feedback to masters and chief engineers can positively impact their behaviour in selecting the optimum speed for a vessel.
Significant endorsement
Signol chief executive Michael Fanning said: “Securing investment from industry-leading companies like Ultranav and MOL is a significant endorsement from the maritime industry that our human-centric approach is seen as a critical lever in companies’ sustainability strategies.”
Hadjipateras and Lange have joined the Signol board.
“They bring a wealth of investment and industry experience coupled with great enthusiasm for Signol’s purpose, which I am confident will serve to accelerate Signol’s growth and impact,” the boss added.
Takuya Sakamoto, chief executive of MOL’s venture capital arm MOL PLUS, said: “We have engaged in ongoing productive discussions with Signol regarding issues in the ocean shipping industry.
“We love their unique approach to assisting seafarers in better managing increasing workloads on board.”
