Greywing Raises Seed Funding - Maritime Intelligence Platform

Greywing Launches Carbon Emission Tracking and Secures $2.5 Million in Seed Funding

Established in 2019 and headquartered in Singapore, Greywing was founded to empower ship operators and stakeholders within the maritime sector with data-driven insights for informed decision-making. The company’s suite of tools addresses crucial areas such as crew change logistics, predictive risk assessment – including piracy threats – and updates regarding pandemic-related travel restrictions. Recently, Greywing unveiled a novel solution designed to assist vessel operators in monitoring carbon emissions generated by crew transitions, alongside a successful $2.5 million seed funding round.

Investment Details

The funding round saw participation from prominent investors including Flexport, Transmedia Capital, Signal Ventures, Motion Ventures, Rebel Ventures, and Y Combinator – Greywing was a participant in the winter 2021 cohort. Entrepreneur First also contributed to the seed round.

New Carbon Emission Estimation Tool

Greywing’s latest offering allows vessel operators to proactively estimate the carbon footprint associated with a crew change prior to its execution.

The carbon emissions calculation tool integrates data points such as the current locations of crew members, their designated home ports, and potential alterations to travel routes. Upon inputting waypoints, the platform identifies available flight options for crew members.

Alongside the flight price, the estimated carbon emissions for each flight are displayed, enabling ship operators to select options that minimize overall emissions without substantially increasing operational costs.

Addressing Carbon Emissions in the Maritime Industry

According to chief executive officer Nick Clarke, shipping accounts for 3% of global emissions, with approximately one-third stemming from “scope 3” emissions. These encompass the carbon footprint of factors external to the vessel’s direct fuel consumption, notably crew changes.

Driven by both ethical considerations and the need for compliance with the International Maritime Organization 2030 and 2050 Decarbonization Targets, many vessel operators are actively seeking to reduce their carbon footprint.

Recent Developments

This release follows Greywing’s launch, three months prior, of Crew Change, a solution designed to streamline the management of testing, quarantine procedures, and other COVID-19 related regulations for seafarers.

Company Origins and Vision

Greywing was conceived in 2019 when Clarke and chief technology officer Hrishi Olickel connected at Entrepreneurs First in Singapore. Olickel shared that, prior to joining the co-founder matching program, his expertise lay in parametric insurance and robotics, with limited prior knowledge of the maritime industry.

“What attracted me to Greywing’s mission was Nick and the understanding that the maritime sector was poised for digitalization, presenting an opportunity to make a significant impact,” Olickel stated.

The core objective of Greywing is to alleviate the administrative burden faced by vessel operators during voyage preparation. The platform consolidates data from both private and public sources, transforming it into accessible and easily navigable reports – designed with a mobile-first approach.

“Before our operating system, key decision-makers received critical information through disparate channels and managed it across various platforms – emails, basic vessel tracking systems, HR ERPs, phone calls, or even spreadsheets,” Clarke explained. “The challenge of synthesizing this data into actionable intelligence, particularly given the potential for costly, environmentally damaging, or dangerous consequences from incorrect decisions, was significant.”

Olickel emphasized Greywing’s ambition to transition the industry “from passive information reporting, which is its current state, to real-time decision-making and ultimately, predictive alerts.” This vision drove the development of the carbon emissions and crew change tools.

Future Plans and Impact

The newly acquired funding will facilitate Greywing’s expansion into additional maritime data sources and the development of more sophisticated, autonomous vessel management systems. The platform’s algorithms will become increasingly complex, enhancing its capabilities.

“This funding round will enable us to leverage Greywing’s solution to catalyze a shift within the shipping industry, addressing 1% of global carbon emissions that would otherwise remain unmitigated,” Clarke asserted. “We are currently focused on deploying our solution on over 2,000 vessels, representing 3.5% of the global commercial fleet. This initiative is projected to remove over 230,000 tonnes of carbon from the atmosphere – equivalent to removing seven vessels from operation.”