Greek AI shipping startup acquired by Japanese automation giant.

Greek AI shipping startup acquired by Japanese automation giant.

Greek Startup DeepSea Technologies Sells Majority Share to Nabtesco, Focusing on AI and Fuel Optimization

In an exciting development for the maritime industry, Greek shipping software startup DeepSea Technologies has recently sold a majority share to Nabtesco, a Japanese automation giant. While the exact amount of the deal remains undisclosed, this partnership opens up new possibilities for DeepSea Technologies to further develop its fuel optimization platforms while also becoming a center of excellence for AI research and product development.

DeepSea Technologies, based in Athens, will continue to function autonomously and focus on its two flagship platforms, Cassandra and Pythia, as well as contribute to the broader digital transformation of the maritime industry. These platforms play a crucial role in enhancing fuel efficiency and reducing emissions for fossil-based maritime fleets.

  • Cassandra: This vessel monitoring and optimization platform allows customers to monitor the emissions of a specific vessel and an entire fleet. It provides real-time notifications for fuel waste and maintenance requirements. Additionally, customers gain insights into how each component of a ship contributes to its performance, helping better understand and improve overall efficiency.

  • Pythia: Pythia is a world-first weather routing platform that tailors its recommendations to the specific performance characteristics of a ship. By analyzing real-time weather data, Pythia provides tailor-made routes, speed, and trim policies, considering cost implications and CO2 emissions. The minute-by-minute updates help optimize ship operations based on prevailing weather conditions.

By utilizing these optimization technologies, DeepSea Technologies claims that energy efficiency improvements of up to 10% can be achieved across almost any fleet within a year.

DeepSea Technologies, founded in 2017, has already raised €8mn, with €5mn of that coming from Nabtesco Technology Ventures in 2021. With offices in Athens, London, and Rotterdam, the company employs over 70 specialized engineers, primarily in AI and software development. The co-founders, Dr. Konstantinos Kyriakopoulos and Roberto Coustas, will continue to lead the company as CEO and President, respectively.

“The deepening of our existing partnership with Nabtesco unlocks even greater potential for our technology and approach and will be key to unlocking the next wave of innovation for our customers,” remarked Dr. Kyriakopoulos. “It’s truly the best of both worlds: DeepSea will maintain its startup culture and focus on disruptive technology while harnessing all the expertise and support of a global powerhouse.”

This partnership couldn’t come at a better time, considering the increasing importance of regulating CO2 emissions in the shipping industry. From both an environmental and business standpoint, staying on top of carbon emissions has become a priority for shipping companies worldwide.

According to the International Energy Agency (IEA), maritime shipping accounted for approximately 2% of global energy-related CO2 emissions in 2022. While there is currently no legally binding agreement to enforce emission reduction targets for the industry, the International Maritime Organization (IMO), a UN specialized agency, has adopted measures to reduce greenhouse gas emissions from international shipping.

In its latest GHG strategy from July 2023, the IMO sets the target of achieving net-zero carbon emissions by 2050. Member states have agreed upon indicative checkpoints, aiming for a 20% reduction by 2030, with a further target of 30%. By 2040, the targets increase to 70% and 80% reduction, respectively. These benchmarks underline the industry’s responsibility to progressively reduce emissions.

Moreover, starting from 2024, shipping will be included in the European Union’s emissions trading scheme (ETS). This means that every kilogram of CO2 emitted will have financial implications, emphasizing the importance of reducing emissions not only for the planet but also for the profitability and sustainability of shipping companies.

With DeepSea Technologies’ innovative fuel optimization platforms and Nabtesco’s expertise and resources, the maritime industry is well-positioned to navigate the challenges of reducing carbon emissions while improving operational efficiency. This partnership represents a significant step forward towards a more sustainable and technologically advanced shipping industry.