BCG Digital Ventures and MISC Berhad invest in maritime transport startups
The digital innovation and adventure arm of global management consulting firm Boston Consulting Group has partnered with Malaysia’s MISC Berhad to invest in three Singapore-based shipping startups.
Together, BCG Digital Ventures (BCGDV) and MISC Berhad (100 owned and chartered vessels focused on power transport) injected an undisclosed investment amount into SOL-X, Chord X and Spares CNX. According to investors, the three startups – each in a different way – have the potential to “disrupt the shipping industry.” The deal was made months ago, but was announced last week.
“These three distinct start-ups differ in their approach, but together they powerfully demonstrate the transformative power of strategically applying digital and deep technologies like AI, ML, and IIoT to create massive operational efficiencies. throughout the shipping value chain in a way that has never been done before, ”explained Sid Shah, Managing Director and Partner and Global Energy Practice Leader at BCGDV.
“Businesses will be the primary drivers of the smart ship, which harnesses automation and assistive technology to ensure safety, efficiency and environmental sustainability. ”
“With 90% of the world’s goods transported by ships, and given the fragmented innovation attempts, we believe that these investments are going to be absolutely transformative for the maritime industry,” he added.
Using the investment, companies will scale up activities such as business development, staffing, product development and the acquisition of target markets. “We couldn’t be more excited to support these teams on their daring adventures,” Shah said.
Yee Yang Chien, President and CEO of MISC Berhad Group, said: “The global Covid-19 pandemic has forced us to rethink our approaches and operational practices…. we need to be bold in exploring opportunities to further improve operational excellence in various areas, including process safety and efficiency. I am confident about the prospects offered by the three digital companies.
Maritime transport startups
SOL-X redefines maritime safety by creating a first Safety 4.0 company focused on human factors. Combining in-depth industry knowledge with IIoT and predictive AI, SOL-X focuses on improving safety and compliance outcomes, increasing operational productivity and improving property -being crews.
With 66% of maritime incidents caused by human error, SAFEVUE.ai, the company’s flagship solution, tackles the heart of human factors by combining work control with crew well-being data to provide near real-time security information at the edge. SOL-X recently signed a multi-year, fleet-wide agreement to partner with Eaglestar and meet the ever-increasing demands of the marine industry for operational excellence and safety.
Agreement X, a marine data analytics company, advances vessel management using sensors, data integration and analysis, machine learning, and human experts to achieve operational and emission efficiency in major maritime assets. Chord X provides predictive insights to customers, enabling them to take immediate corrective action on their marine asset equipment and maintain peak performance.
Chord X measures and analyzes the emissions footprint of maritime assets. It also provides an emission module that supports regulatory reporting compliance, enabling increased monitoring of the carbon tax with greater accuracy than current methods, and it strives to provide information to operators of carbon tax. ” maritime assets to be used and controlled to weigh operational decisions that have an impact on the emissions footprint of their maritime assets.
Chord X helps reduce asset operating expenses, improve asset reliability and achieve cleaner combustion for owners and operators of marine assets.
CNX spare parts is reinventing the shipping supply chain by providing an automated inventory management solution that can follow the spare parts lifecycle ashore and across the fleet. An integrated hardware and software solution, PROPELLER Ship, uses RFID, QR and other imaging technologies to monitor the location and consumption of spare parts. Engineers on board ships follow the intuitive workflows built into the portable tablet as they go about their day-to-day operations.
The device interacts with pre-labeled spare parts, ensuring accurate and complete information is captured when and on the job as data flows seamlessly to existing PMS or ERP systems.
The accompanying AI-powered analytics platform, PROPELLER Shore, provides managers and purchasing managers with actionable insights and recommendations for inventory level optimization, rebalancing, and sales opportunities. wholesale supply.
With this approach, Spares CNX solves an inventory inaccuracy problem that costs the global shipping industry up to $ 2 billion per year in lost parts spending, with massive second-order implications on daily operations. In addition to the rich feature set on the market today, Spares CNX is developing capabilities to resolve friction around FIFO, consumer goods, onshore warehouse partner integrations and many other areas.