Sustainability startup Signol has raised £2.5 million ($3.28 million) from leading industry-focused investors aimed at supporting its solutions to help hard-to-abate industries decarbonise.
The investment round was led by New York-based venture capital firm TMV, which invests in legacy industries ripe for disruption, such as healthcare, the future of work, maritime, ports and mobility.
The round included participation from leading industry stakeholders: ship operator Ultranav and MOL PLUS, the venture arm of Japanese shipping company Mitsui O.S.K. Lines, Ltd. (MOL).
London-based venture capital firm, East Innovate, which led Signol’s previous funding round, has reinvested.
TMV’s co-founder and general partner Marina Hadjipateras said: “It’s crucial that we invest in solutions that can have an immediate impact on improving the sustainability and efficiency of legacy industries like shipping.
“There’s always a human factor when it comes to transforming industries – especially in maritime, whose overall market size is valued at over $152 billion and which is responsible for 90 per cent of the way in which goods are transported. Signol harnesses the real power of people to shift operational behaviour and culture towards more sustainable practices.
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“We believe this approach can extend to multiple verticals beyond aviation and shipping, making it an attractive investment case, particularly given Signol’s plans to explore how AI can further empower individuals to perform their jobs as efficiently and effectively as possible.
This use of AI will maximise the potential of human decision-making and increase the value of the human workforce.”
Signol said it would concentrate on improving its solution and expanding its commercial presence in the aviation and shipping industries. Additionally, it will carry out a proof-of-concept (POC) in the corporate travel sector, utilising behavioural change to decrease unnecessary emissions from business travel.
Earlier this June, Maersk launched its first low GHG emissions warehouse in Taulov Dry Port in Fredericia, Denmark.
More recently, SAAM Terminals’ port terminals and logistics centre earned International Renewable Energy (I-REC) certificates.
