Multiple shocks to global supply chains brought about first by the pandemic and more recently by Iran-backed Houthis targeting cargo ships in Red Sea have shown there’s a need for greater resilience in global shipping. At the same time, the pressure to reduce both costs and carbon footprints continues apace. Quietly, investors are eyeing up tech platforms for ports and cargo ships, which could prove to be a very savvy investment.
Key Takeaway
Investors are increasingly supporting startups focused on improving efficiency and sustainability in global shipping, in response to the need for greater resilience and reduced environmental impact.
Portchain Raises $5 Million ‘Seed+’ Funding Round
Portchain, a Danish startup, has raised a $5 million ‘Seed+’ funding round from Angular Ventures, MK Ventures, and several former shipping executives. The startup acts as a ‘neutral exchange’ for cargo ships and ports, facilitating constant communication between a cargo ship and a port to ensure efficient docking and reduce fuel consumption and costs.
Addressing Inefficiencies in Global Shipping
Portchain’s CEO Niels Kristiansen highlighted the inefficiencies in current systems, where carriers and terminals operate in different ways, leading to communication challenges and manual planning processes. Portchain’s solution allows ship captains to adjust their speed to dock at the right time, reducing the need for manual updates and potentially saving up to 14% in CO2 emissions.
Competition and Expansion in the Industry
Portchain faces competition from other players such as PortXChange, Heyport, and Awake.ai, each offering innovative solutions to improve efficiency in global shipping. With strategic partnerships and government funding, these startups are poised to make significant contributions to the industry.