CetoAI, a Newcastle-based startup, has successfully secured a total amount of £1.5 million in seed funding. Leading the funding round is Howden Ventures, with other participating investors from the Business Investors Group, Chaucer Group, and Founders Factory. The company aims to enhance innovation in the maritime industry by using predictive analytics with the combination of high-frequency data, engineering expertise, and artificial intelligence. The primary goal is to reduce machinery breakdowns, cut carbon emissions, and manage operational risk.
The funding agreement sets up a strategic partnership between Chaucer Group and CetoAI, expected to contribute to the advancement in innovation, risk management, and acceleration of innovation progress in the maritime industry. It will benefit both the marine insurance sector and the broader maritime industry. Over the coming months, the marine and innovation team at Chaucer Group will closely work with CetoAI to provide industry expertise and insight into the marine market.
CetoAI has welcomed new investors that have formed strong relationships over the years and share the same vision for new predictive analytics technology. Tony Hildrew, the founder and CEO of CetoAI, stated, “the support and access to an unparalleled network… will help support our significant growth ambitions over the coming years.” Head of Howden Ventures, Tom Hoad, acknowledges CetoAI’s technology as a “step change in the way that vast streams of data will be used across maritime and marine insurance underwriting.”
CetoAI’s success is a testament to its technology’s impact on commercial vessels, making it an exciting prospect for investors, partners, and stakeholders.
