Gothenburg-based Cetasol, specializing in maritime sustainability, has successfully secured €2 million in a seed funding round. The investment was led by Sarsia and ShipsFocus, with significant contribution from Impact X Capital.
Cetasol will use the funding to broaden its market presence and enhance its product offerings, focusing on doubling its research and development efforts and optimizing software development. The company leverages AI and machine learning to help small and medium-sized ships find the most fuel-efficient routes, achieving fuel cost savings of 10 to 25 percent.
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Commitment to Diverse and Sustainable Teams
The company also prides itself on its diverse team, with 40% female staff, demonstrating the positive impact that diverse teams can have on sustainability and global operations. This commitment extends to the company’s products, which focus on optimizing energy use amidst rising fuel costs and increasing operational expenses that typically account for 30-50 percent of maritime organizations’ operating costs.
Future Plans and Expansion
Paula Groves, Chief Investment Officer at Impact X, expressed enthusiasm for partnering with Cetasol, noting the significant potential of its AI and ML applications in maritime route and fuel optimization. The company’s approach not only supports cost reductions but also aids in CO2 reduction, aligning with tightening international regulations and goals set by the International Maritime Organization (IMO).
Cetasol, founded by Ethan Faghani, a former Chief Engineer of AI and automation at Volvo Penta, continues to push the boundaries of innovation in the maritime industry. Its decision-support platform, iHelm, is now installed globally, enhancing operational management and energy optimization.
Global Impact and Industry Transformation
With this new funding, Cetasol is set to expand its reach and further develop its intelligent decision support solutions, impacting maritime sustainability operations worldwide. The company’s growth plans include hiring additional product owners and data engineers to sustain its expansion, aiming to offer off-the-shelf volume products as a result of this investment. This strategic move demonstrates Cetasol’s commitment to transforming maritime operations through advanced technology and sustainable practices.
