Startup secures £1.5 million to propel maritime innovation with predictive analytics

A Newcastle-based startup, CetoAI, has secured £1.5 million in funding to revolutionize the maritime sector.

This seed funding round was spearheaded by Howden Ventures and saw participation from Chaucer Group, Founders Factory, as well as existing investors from the Business Investors Group.

CetoAI combines high-frequency data, engineering acumen, and artificial intelligence to target the reduction of machinery breakdowns, carbon emissions, and operational risk.

Notably, this investment agreement includes a strategic partnership between CetoAI and Chaucer Group, poised to expedite innovation, enhance risk management, and drive progress that will benefit both the maritime industry and the broader marine insurance sector.

The marine and innovation team at Chaucer will collaborate closely with CetoAI in the coming months, providing invaluable industry insights within the marine market as the company advances toward the launch of a new insurance product.

“We are delighted to welcome a host of new investors to CetoAI. Having the support and access to an unparallelled network, including ties to some of the largest ship owners and operators across the maritime sector, will help support our significant growth ambitions over the coming years,” said Tony Hildrew, founder and CEO of CetoAI.

“The strong relationships, which our new investors formed throughout the years, raise and shared vision for new predictive analytics technologies in the space. This meant that the decision on where to take capital from was an easy one when we opened the round.”

Tom Hoad, head of Howden Ventures, added: “It was clear from the outset that CetoAI’s technology was borne out of years of experience with commercial vessels.

“This client understanding, coupled with Howden Venture’s MGA platform, represents a step change in the way that vast streams of data will be used across maritime and marine insurance underwriting.”