ioCurrents Raises $5M in Series A-1 Funding Led by Imagen Capital Partners
Major financing round will enable expanded sales and marketing efforts, increased product development, and expansion into new markets for the market leading MarineInsight data analytics platform.
SEATTLE, March 26, 2019 /PRNewswire-PRWeb/ -- ioCurrents, a leading maritime data analytics company, today announced the closing of a $5M Series A-1 financing led by Imagen Capital Partners. This round of funding will allow ioCurrents to immediately accelerate a broader roll-out of its innovative MarineInsight™ data analytics platform. Expanded sales and marketing efforts, ongoing and newly defined product development initiatives, as well as the extension of its technology platform to complementary vertical markets serving the maritime industry are also defined use cases of the proceeds.
Since its launch in 2015, ioCurrents has established itself as a leader of the digitization trend within the maritime industry. Its flagship product, MarineInsight™, continues to gain positive market traction, providing cutting edge machine learning-based predictive analytics on its patent pending technology platform.
"Our MarineInsight™ platform has fundamentally disrupted the maritime industry by offering vessel operators and managers unique, on-going, real-time insights into the operational health of their vessels. Operators who employ the platform's advanced analytics experience more uptime, increased efficiency, and significantly-reduced maintenance costs," said Cosmo King, co-founder and Chief Executive Officer, ioCurrents. "This additional investment will allow ioCurrents to build on our existing success, and provide even more value to the maritime industry as a whole."
Reduced vessel operating costs and increased data visibility are top-of-mind for maritime operators around the world. The ioCurrents MarineInsight™ platform gathers, analyzes and transmits comprehensive data in real time over cellular, satellite or wifi allowing local and remote operators to gain operational insights through an easy to use cloud portal – resulting in predictive alerts affording unequaled decision-making abilities.
"As demonstrated by their growth and adoption, ioCurrents is defining itself as the market leader in the development of real-time, predictive analytics to the maritime industry," stated John Polchin, Managing Director of Imagen Capital Partners. Imagen's investment will help ioCurrents capitalize on the global demand for their solutions and accelerate the company's pace of product innovation."
About ioCurrents
ioCurrents is a leading maritime data analytics company. The company has developed the foremost machine learning-based analytics platform, MarineInsight™, which aggregates diverse data sets into actionable insights for the maritime industry. Using a combination of edge and cloud-based computing, MarineInsight™ provides operators and fleet managers with descriptive, predictive, and efficiency analytics for engines, generators, and other vessel assets. By providing comprehensive, integrated visibility across an entire vessel -- or an entire fleet -- MarineInsight™ is able to improve efficiency, increase safety, and identify and prevent failures, resulting in significantly-reduced operating costs and risk profiles for its customers. (http://www.iocurrents.com)
About Imagen Capital
Imagen Capital Partners (http://www.imagencap.com) is a Seattle-based, early-stage venture firm focused on investments in software/SaaS, data, and technology-enabled concerns. Led by experienced technology operators, the firm seeks to create collaborative relationships with entrepreneurs beyond the investment process to innovate, challenge, and transform the dynamics of new and existing markets.
SOURCE ioCurrents
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