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SMW 2019: Claritecs receives S$50,000 in seed funding from MPA

12 Apr 2019

Singapore-based maritime solutions firm Claritecs will be receiving S$50,000 from the Maritime and Port Authority of Singapore (MPA) in seed funding to develop and test-bed its ‘BunkerMaestro’ solution.

“Claritecs was one of the youngest start-ups at the 2018 Smart Port Challenge, and we achieved a Top 3 win with ‘BunkerMaestro’, an algorithm-based platform to rejuvenate bunker scheduling operations, with datadriven insights for increased work efficiencies, scheduling clarity and fleet optimisation,” said Marianne Choo, Chief Marketing Officer of Claritecs.

“We will enter the test-bed phase from next month, with five bunker tanker operators who collectively manage one-third of Singapore’s bunker tanker fleet.

“We are very grateful to obtain S$50,000 in seed funding from MPA, as it will go a long way in helping us – a 16-month old company at pre-revenue stage – to sustain development of BunkerMaestro and its subsequent market roll-out.”

The company is among 12 other start-ups from the Smart Port Challenge (SPC) 2018 which will each receive S$50,000 in seed funding from MPA.

In addition to the seed funding, the start-ups were given the opportunity to pitch their solutions to venture capitalists at the inaugural Mixer and Pitch Session held as part of the Singapore Maritime Technology Conference (SMTC) 2019.

Jointly organised with Enterprise Singapore and NUS Enterprise, the session aims to strengthen the development of the maritime innovation ecosystem and open up opportunities in the maritime industry for start-ups and venture capitalists.

Among the venture capitalists who were at the Mixer & Pitch Session were EV Growth, Futurelabs Ventures, Green Meadows Accelerator, SG Innovate, and TNB Ventures.

“As the maritime industry is characterised by its heavily manual and largely paper-based processes, digitisation is the key to unlocking further innovation such as automation, data analytics, and optimisation,” said Vicknesh Pillay, Managing Partner of venture capitalist TNB Aura Fund.

“It is precisely due to the inefficiencies of traditional processes that we see massive opportunities ahead.”

To further support the maritime innovation ecosystem, PIER71 formed several partnerships to provide these 13 start-ups with a range of resources that will help them bring their technologies to market.

The partners include AdNovum which provides access to security technologies and consultancy service in cybersecurity; Singtel which provides access to its satellite network, Internet of Things (IoT) network and curated data; Marine Traffic which provides access to maritime traffic information; TerraWeather which provides access to weather information; and Panasonic R&D Centre Singapore which provides access to vision and wireless communication technologies.

“MPA and NUS Enterprise jointly launched PIER71 last year to spur digital adoption in the maritime industry,” said Professor Wong Poh Kam, Senior Director, NUS Entrepreneurship Centre, NUS Enterprise.

“One of the key highlights of PIER71 is the Smart Port Challenge, which brings together maritime corporates and technology start-ups. These technology start-ups have expertise in various technology areas, such as artificial intelligence, blockchain, Internet of Things and augmented reality.

“This encourages the adoption of latest technologies and emerging innovations for a more productive and competitive maritime sector in Singapore.”

Photo credit: Maritime and Port Authority of Singapore
Published: 12 April, 2019

 

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