Greywing, a Singapore-based startup providing operating systems for the maritime industry, has raked in US$2.5 million in seed funding.
Investors include Flexport, Transmedia Capital, Signal Ventures, Motion Ventures, Rebel Ventures, Entrepreneur First, and Y Combinator (YC).
Greywing was part of YC’s winter 2021 batch.
The new capital will support the launch of Greywing’s real-time carbon scoring solution. This tool will enable shipping companies to make decisions to minimise the carbon footprint of crew changes regarding shore-based operations, flight bookings, deviation of voyage routes, among others.
The solution comes as a part of Greywing’s new tool, Crew Change, which provides vessel operators visibility on the factors impacting seafarers’ management — especially when the COVID-19 requirements and restrictions complicate operations at each port.
“The factors impacting a maritime voyage have grown in complexity with climate change and COVID-19 being thrown into the mix, and Greywing’s traction is accelerating to match the pace of these evolving challenges,” said Greywing CEO Nick Clarke.
Founded in 2019, Greywing builds solutions to support and automate ship operators’ decision-making through actionable intelligence, better data and communication.
Its four product lines are route intelligence tool CRY4, vessel monitoring system Flotilla, port-agent communications tool Semaphore, and crew management and analysis system Landfall.
With its web-first and user-centred operating system catering to the maritime industry, Greywing addresses various issues occurring during the entire voyage, such as crew changes, piracy incidents, and vessel risk. The company claims that more than 1,400 crew changes have been assessed via the system.
“The maritime industry has entered a new era where data and analytics supercharge actionable digital solutions,” said Nikolas Pyrgiotis, VP of Technology Ventures for Signal Group. “Greywing integrates data trapped in commercial, technical and crewing siloes to enable more efficient and sustainable operations for shipping companies.”
CTO Hrishi Olickel added that Greywing aims to improve efficiency across carbon, threat and cost verticals by improving decisions even before its clients’ crewing operations take action.
As per the third IMO GHG study, maritime transport accounts for about 2.5 per cent of global greenhouse gas emissions, with around 940 million tonnes of CO2 released annually. This will undermine the objectives of the Paris Agreement if actions are not put in place soon enough.
According to Greywing’s statement, 35 per cent of maritime emissions are linked to untracked flights and other down-the-line costs in the operating supply chain. Besides, the carbon impact mitigated by Greywing’s new carbon footprint tracking tool for a single vessel is equivalent to taking 274 cars off the road every year.
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Image Credit: Greywing
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