Norwegian-Portuguese AI innovator Nortech AI bags €2.5M to push digitalisation in maritime industry
Summary
Norwegian-Portuguese tech innovator Nortech AI announced that it has secured €2.5M in a seed round of funding from Indico Capital Partners and Earlybird-X. With the funding, Nortech AI seeks to push the maritime industry’s transition from reactive to proactive use of data, catalysing a new era of cost savings and environmental conservation through reduced greenhouse gas emissions. The AI company discovered its niche as the maritime industry began addressing the lack of connected information systems and the waste of resources in recent years. The maritime industry has been one of the most consumptive industries in the world in terms of fuel consumption. It used approximately 202.5 million metric tons of fuel of differing types in 2020, including heavy and light fuel oil, diesel/gas oil, and liquefied natural gas (LNG).