Orca AI has raised $23 million in new funding, led by OCV Partners and Mizmaa Ventures, taking its total raised to nearly $40 million.
As explained by the company, Orca AI’s solution aims to introduce autonomous features to vessels already on the water. By raising this capital, Orca AI will be able to invest in technology, expand internationally, and grow, with the aim of contributing to reducing maritime carbon emissions and improving efficiency and safety of navigation.
Founded by naval technology experts, Yarden Gross and Dor Raviv, the platform features a fully automated watchkeeper that processes multiple sources of visual information during navigation at sea, mimicking and enhancing human watchkeeping. Furthermore, Orca AI notes that by detecting and alerting crew to high-risk marine targets, Orca AI optimizes operations to avoid unnecessary manoeuvres and speed drops, reducing fuel burn and emissions.
Key insight on Orca AI’s projects
In 2023, there were over 2,500 significant marine incidents. In the same period, working with MSC, NYK, Maersk and Seaspan, Orca AI reportedly reduced close encounters by 33% and crossing events by 40% across 15 million nautical miles.
Furthermore, in 2022, it powered the world’s first autonomous commercial ship voyage with NYK, and is now working on the second phase of fully autonomous ship technology to be rolled out in 2025.
Additionally, according to the company, the improved navigational decisions enabled by Orca AI resulted in an average $100 – 300k saving in fuel per vessel per year (3-5%) and 172,716 tonnes of CO2 reduction last year.
Meanwhile, Yarden Gross, CEO, and co-founder, highlighted that innovations in high-speed, low cost, global connectivity, such as with Elon Musk’s Starlink have opened the door for advanced technologies such as AI on board vessels to improve operational efficiency and safety. It’s a welcomed pivotal moment, as despite the majority of global cargo transported by sea, the maritime industry has lagged behind industries such as aviation when it comes to keeping up with technological innovations.
While planes, trains, and automobiles have seen tremendous progress and investment in regards to autopilot and collision prevention, we believe that the shipping industry is still up for grabs and there is a category defining opportunity in autonomous ships – ships that captain themselves.
… supplied Hemi Zucker, Managing Partner, from OCV
Orca AI also strives to act as a proactive threat mitigation from diverse threats such as drone attacks and piracy by empowering personnel of vessels, to anticipate and counteract these risks, bolstering vessel security and protecting crews and sensitive cargo.
It’s clear that AI has a crucial role in advancing the maritime sector and I’m excited to see Orca AI pushing the boundaries of what’s possible in shipping. Making smarter navigation choices not only boosts safety but also cuts down on fuel use and CO2 emissions.
… said Catherine Leung, Co-Founder & Partner at MizMaa Ventures
