Victoria’s MarineLabs, a leader in cutting edge maritime weather intelligence technology, has raised a $4.5 million seed funding round, marking the largest investment of its kind in Canadian history for an ocean tech company.
The historic funding was led by BDC Capital’s Sustainability Venture Fund with participation from Seaspan Shipyards, a leader in Canada’s ship design, engineering, building and ship repair industry.
This investment will propel MarineLabs’ forward as it continues to revolutionize the maritime industry with its flagship product, CoastAware.
CoastAware is a real-time weather intelligence solution that enhances safety, efficiency, and sustainability in maritime operations by providing users with detailed, actionable, real-time, and historical weather conditions data for informed decision-making.
CoastAware lights up coastlines with a vast increase in weather awareness by combining real-time data from a MarineLabs’ continent-wide fleet of coastal sensor units with advanced data processing.
With CoastAware, MarineLabs empowers Ports, Vessel Pilots, and Maritime operations to make informed safety critical decisions, reduce operational costs, and minimize environmental impact.
“This significant investment is a testament to the confidence our esteemed partners have in our vision and the transformative impact of CoastAware on the maritime sector,” said Dr. Scott Beatty, CEO of MarineLabs.
“Providing reliable real-time data enables sound decision-making within the maritime industry, while equipping governments and coastal communities around the globe to respond to volatile weather and build climate resilience. We are thrilled to embark on this next phase of our exciting journey with BDC Capital and Seaspan by our side.”
Seaspan Shipyards made the strategic investment in this funding round as part of Seaspan’s Value Proposition commitments under Canada’s National Shipbuilding Strategy.
“MarineLabs’ innovated-in-BC technology aligns with Seaspan’s vision to build a sustained, long-term marine industry in BC and Canada,” said Dave Hargreaves, Senior Vice President of Strategy, Business Development and Communications at Seaspan.
“We are excited to support MarineLabs on their growth trajectory and to help position Canada as a global leader in the marine sector.”
The $4.5 million seed funding will be utilized to accelerate product development, expand market reach, and strengthen MarineLabs’ position as an industry leader.
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