Bearing, a Palo Alto, CA-based maritime shipping AI company, raised $7m in post-seed funding.
Backers included existing investors AI Fund and Mitsui & Co., Ltd.
The company, which brought total funding raised to date to $10m, intends to use the funds to eaccelerate ongoing R&D and go-to-market efforts for the new CII product.
Led by CEO Dylan Keil, Bearing brings operational efficiencies to the maritime shipping industry. Through the use of artificial intelligence (AI), the system aggregates and analyzes data from multiple sources to provide actionable insights for fuel efficiency, optimal routing and vessel performance. Its newly released AI-powered application accurately predicts Carbon Intensity Indicator (CII) scores for every vessel in the maritime shipping industry, so that shipping companies can gauge their risks, increase their ratings and make informed business decisions about the effects of the regulations.
Using Bearing’s CII Optimization product, shipping companies can:
- track and monitor real-time CII ratings for all vessels (as the year progresses) and see which vessels potentially have problematic ratings
- forecast a ship’s end-of-year CII rating based upon historical routing and weather patterns
- simulate different operating conditions (e.g., different speeds) and different weather scenarios to see how that would impact the CII rating
- see the tradeoff between financial returns and potential CII rating.
FinSMEs
17/08/2022