Backing secured for shipping software
Mon, 11 January 2016
Sea Level Research, based in the UK, has received a £200,000 investment to help bring its new sea level predicting software to the market.
The investment has been received from The North West Fund for Venture Capital, managed by Enterprise Ventures.
Dr Simon Holgate, founder of Sea Level Research, said: “The ability to predict the surge, that is the weather on top of the tide, enables us to move vessels much more efficiently.”
He continued: “These vast ships enter the river with only 60cm clearance under their keel, so having an additional 20cm of water can make all the difference as to whether a vessel can berth or not – and between a profitable and an unprofitable voyage.”
The company believes it has developed a way to reduce shipping costs by more accurately predicting sea levels with its new software.
As a part of the deal, Mike Finn has been appointed as the company’s new chair. He added: “As a mariner who has operated liner and spot shipping services for many years, I am acutely aware of the huge costs that can arise from vessels being delayed or deadweight opportunities simply being missed.”
“With the suite of products being developed by Sea Level Research, petrochemical and other bulk commodity companies, together with terminal and liner operators, will be able to deliver significant annual savings,” said Mr Finn.
Dr Holgate’s software claims to be able to predict sea levels up to 36 hours in advance to within 20cm, 95% of the time, compared to just 75% using the traditional tides.
Will Clark of Enterprise Ventures, said: “The new system from Sea Level Research is far more effective than the traditional method of forecasting and is the only product that can accurately predict sea levels in the same way and for the same cost.”
He concluded: “In the coming years, the introduction of new sea routes, bigger vessels and the development of the Liverpool 2 super port will lead to more traffic and greater focus on operational efficiency which, coupled with the desire to reduce fuel costs, will help drive demand.”
Source: Alice Mason