Orca AI raises $23m to develop its autonomous shipping solution

Autonomous shipping startup Orca AI has raised $23m in new funding, led by OCV Partners and Mizmaa Ventures, to further advance its AI platform.

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The Israel-based company aims to introduce autonomous features to vessels already on the water. In 2022, it powered the world’s first autonomous commercial ship voyage with NYK and is now working on the second phase of fully autonomous ship technology to be rolled out in 2025.

Orca AI said it’s platform can maximise voyage safety, operational efficiency, and sustainability for ships and fleets. The solution features a fully automated watchkeeper that processes visual information during navigation at sea, mimicking and enhancing human watchkeeping in real-time.

In 2023, there were over 2,500 significant marine incidents. In the same period – while working with global shipping companies including MSC, NYK, Maersk, and Seaspan – Orca AI said it reduced close encounters by 33 per cent and crossing events by 40 per cent across 15 million nautical miles.

Orca AI optimises operations to avoid unnecessary manoeuvres and speed drops, with the aim to reduce fuel burn and emissions. According to the company, these improved navigational decisions resulted in an average of $100 – 300k savings in fuel per vessel per year (3-5 per cent) and 172,716 tonnes of CO2 reduction last year.

The platform also enables proactive threat mitigation from diverse threats such as drone attacks and piracy by empowering personnel of vessels to anticipate and counteract these risks.

In a statement, Yarden Gross, CEO and co-founder of Orca AI, said: “Despite the majority of global cargo transported by sea, the maritime industry has lagged behind industries such as aviation when it comes to keeping up with technological innovations.

“Ships deal with increasingly congested waterways, severe weather, and low-visibility conditions creating difficult navigation experiences with often expensive cargo. We’ve recently proven forward-thinking companies that adopt our technology have seen huge operational improvements from year to year, in creating a safer and more efficient shipping industry. These improvements are crucial for shipping companies in meeting corporate sustainability targets, but importantly the benefits are far-reaching beyond just the customers.”

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