Apr 03 2017

Maritime start-up We4Sea raises investment to accelerate expansion


Investment in data analysis company that cuts the fuel bill of ships

Mainport Innovation Fund II (KLM, Schiphol Group, Delft University of Technology, Port of Amsterdam, NS Dutch Railways) invests €400,000 in We4Sea, a maritime technology start-up focused on increasing the fuel efficiency of seagoing ships. With the investment, We4Sea wants to accelerate its growth in the maritime transport sector.

We4Sea developed a cloud platform that offers advanced solutions to optimize the performance and reduce fuel consumption and emissions of seagoing ships. We4Sea collects vast amounts of operational data of a ship, such as position, speed, heading and engine data. This data is sent to shore, where it is enriched with other data sources, such as weather conditions, wave heights, currents and wind. The proprietary algorithms and energy models of We4Sea transform this big data pool into actionable management information on how to optimize the use and configuration of a ship. In pilot projects, We4Sea has proven that using data analysis can substantially cut fuel costs, up to 20%. Using the technology is easy, as it requires no additional hardware on board of the ship.

– Michiel Katgert, CTO of We4Sea:
"We offer the ship-owner tools to cut his fuel bill substantially. This will not only have a direct impact on their financial results, but it will also improve the sustainability of their operations and lead to a reduction of CO2."

– Dan Veen, CEO of We4Sea:
"We are very happy to close this deal with MIF II. With their knowledge, network and business experience, we will be able to accelerate our development and grow faster than before. It supports our mission to save 1 million tons of CO2 in the next 3 years."

– Thijs Gitmans, Fund Manager of Mainport Innovation Fund II
"When investing, we love the combination of a strong team, with a thorough understanding of the business, that demonstrates impressive first results. And a team that is great to work with. We4Sea is just that! We are looking forward to helping them expand in international waters."

– Michiel de Brauw, CFO, Port of Amsterdam
"This investment contributes to the strategic goal of the Port of Amsterdam to create a smart and sustainable port. We4Sea offers the maritime industry an important innovation for sustainable shipping and reduction of CO2 emissions."

About We4Sea
We4Sea was founded in March 2016, and combines years of experience in maritime technology with research at TNO and TU Delft. The founders of the company, Dan Veen and Michiel Katgert, have a shared passion for ships, especially when they are efficient. Dan Veen has a background at ship engine manufacturer Wärtsilä and the Dutch research organisation TNO. Michiel Katgert has a background as naval architect, combined with research on ship efficiency at TU Delft and TNO. We4Sea (www.we4sea.com) is, as tech start-up, part of incubator YES!Delft in Delft, the Netherlands (www.yesdelft.nl)..

About Mainport Innovation Fund II
MIF II aims to accelerate innovation in logistics, transport and aviation. It was founded in 2015 by Schiphol, KLM, TU Delft, NS and Port of Amsterdam, together with NBI Investors, the fund manager. MIF II has invested in ViriCiti, Parcompare and We4Sea. Its predecessor Mainport Innovation Fund I has invested in Casper, Multi Pilot Simulations (exited 2016), FastTrack Company, Ampyx Power, Robin Radar, MI Airline, Snocom, Eye on Air, Undagrid and Calendar42. MIF I and MIF II are backed by the Seed Capital arrangement of RVO.nl.
See www.mainportinnovationfund.nl and www.nbi-investors.nl for additional information

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