Syroco has developed and sells a software platform based on artificial intelligence, dedicated to weather routing (optimisation of routes by taking into account weather and sea conditions) and optimisation of vessel settings.
It reduces the fuel consumption of merchant ships by more than 10% on average and up to 25% in certain situatiC’est ons.
Series A round
The ROI for customers is attained in a few months. The impact of the solution is very high in terms of CO2 emissions avoided. Current users already include Socatra, Knutsen OAS Shipping, Geogas, Marfret, and Odfjell.
This €7.5m Series A round of equity will allow Syroco to intensify efforts in Research & Development, in order to offer even more intuitive and efficient solutions and accelerate international commercial deployment.
Decarbonisation of maritime transportation
Binding regulations, including European carbon quotas or IMO commitment to reduce emissions by 50%
Maritime transportation represents 90% of the volume of global merchandise trade and is responsible for approximately 3% of carbon emissions globally, more than a billion tonnes each year.
According to the International Maritime Organization (IMO), in the absence of robust measures, the environmental footprint of maritime transportation could generate 17% of greenhouse gas emissions by 2050.
Binding regulations, including European carbon quotas or IMO commitment to reduce emissions by 50%, are gradually coming into force and requiring ship operators to adopt strong measures to improve their energy efficiency.
Energy transition
Through this funding round, Syroco is strengthening its position as a key player in the decarbonisation of maritime transportation. The Syroco solution has been highlighted by several institutions selecting the most effective solutions in terms of energy transition, including The Arch.
Syroco is also part of the French Blue Tech Index and was recognised as one of the 150 most innovative companies in maritime.
Digital twin, data and artificial intelligence
The solution offered by Syroco is based on accurate weather and sea data
The solution offered by Syroco is based on accurate weather and sea data. It uses a digital twin (virtual representation mimicking the characteristics and behaviour of the ship), based on data and artificial intelligence, to calculate an optimised trajectory.
The suggested route, constantly updated, takes into account operating constraints, including arrival time, seakeeping, navigation safety, and cargo-specific operational parameters. The accuracy and performance of the solution, as well as its user-friendly and intuitive interface, drive the confidence of captains.
R&D investments
Alex Caizergues, CEO and Co-Founder of Syroco, explained, "Thanks to this round of funding, we will continue our investments in Research & Development to provide our users with an always more intuitive solution and always more relevant recommendations, in order to reduce the consumption and emissions of their vessels."
Alex Caizergues adds, "We will also accelerate the deployment of our global commercial operations in major shipping regions."
Energy efficiency tool
Fanny Picard, President of Alter Equity, stated, "Syroco appears to have developed the best energy efficiency tool for maritime transportation in terms of both the accuracy of their technology and its use by ship captains."
Fanny Picard adds, "We are convinced by the huge potential of the platform for CO2 emissions avoidance, which should quickly reach several million tonnes. We are proud to support the team through our 29th investment and the very first of our third fund."
Sustainable economy
Isabelle de Cremoux, Chairman of the Board of Seventure Partners, concluded, "We are convinced that technological innovation is a powerful lever to accelerate the transition to a sustainable economy and fight against climate change."
Isabelle de Cremoux adds, "By supporting Syroco, we are investing in a solution with a high environmental impact, which allows maritime transportation to significantly reduce its carbon footprint thanks to a reduction in fuel consumption. Support for Syroco’s development illustrates the commitment of Blue Forward FundTM as an investor: combine economic performance and environmental benefits through immediately actionable solutions for a more efficient and sustainable maritime industry."
