Nortech AI, a tech innovator with roots in both Norway and Portugal, proudly unveiled its success in securing €2.5 million in seed funding from prominent investors Indico Capital Partners and Earlybird-X.
Empowered by this funding, Nortech AI is poised to spearhead the maritime industry’s shift from reactive data utilization to a proactive approach, ushering in an era marked by substantial cost reductions and a commitment to environmental preservation, notably in reducing greenhouse gas emissions.
Nortech AI found its unique niche in response to the maritime sector’s growing recognition of the need to address disconnected information systems and the efficient allocation of resources in recent years.
Advancing Toward a More Intelligent Maritime Sector
The maritime industry has long been one of the world’s most fuel-intensive sectors. In 2020, it devoured a staggering 202.5 million metric tons of various fuels, spanning heavy and light fuel oil, diesel/gas oil, and liquefied natural gas (LNG).
As the maritime sector pivots towards the adoption of lighter fuel oils, the demand for cutting-edge AI technology to monitor fuel consumption has surged. This emergent field, often referred to as “maritime informatics,” acknowledges the imperative for IT-driven collaboration that enhances operational efficiency, meets growing demands for transparency, and addresses societal concerns.
AI applications within the maritime industry are increasingly focused on optimizing navigation and routes, providing more precise estimates of fuel consumption, streamlining equipment and vessel maintenance, and furnishing real-time insights into port congestion and traffic.
Michael Schmitt, a partner at Earlybird-X, underscores the role of Industrial IoT in achieving streamlined, intelligent, and sustainable operations, stating, “Nortech AI simplifies the digitalization journey, empowering industries to embrace data-driven processes seamlessly.”
Harnessing AI for Enhanced Shipping Operations
Nortech AI offers a versatile plug-and-play solution that delivers remote commissioning and harnesses industrial IoT data for its clients. This innovation empowers vessels and their associated businesses to accelerate their digital endeavors, enabling real-time decision-making and operational enhancements.
The solution operates on the foundation of scalable data models, meticulously crafted from live operational data and simulation data. Templates derived from successful proofs-of-concept are tailored to address a wide array of use cases within the same model, fostering efficiency and adaptability.
Clients within the shipping industry, utilizing Nortech AI’s services, gain the capability to monitor various aspects of their vessels, including hull and propeller performance, slip, carbon intensity index, trim, and fuel efficiency.
Ultimately, Nortech AI aspires to facilitate the convergence of diverse industrial needs, spanning from data analytics to process automation. Their recent funding round is poised to support the broadening application of their platform and products across various industries.
Stephan Morais, Managing General Partner at Indico Capital Partners, notes, “The maritime industry is primed for the integration of software solutions that promote sustainability. Nortech’s software seamlessly integrates with existing onboard systems, enabling immediate sustainability gains in ship operations. We are honored to champion this transformation within the global maritime sector through our Blue Fund.”