News

Orca AI To Save Lives With Its Collision Avoidance System For Ships

Orca AI combines data from sensors with artificial intelligence to provide real-time insights that reflect the changing conditions at sea.

Published

3 years ago

May 5, 2021

Joanna Melki

Orca AI

The recent Suez Canal blockage, which lasted for six days after a 400-metre-long (1,300 ft) container ship ended up wedged across the waterway due to the combination of strong winds and human errors, showed the whole world just how easily can major shipping accidents happen and how severe and long-lasting their impact can be. Unfortunately, the Suez Canal blockage was just one of several thousand marine incidents that occur annually. Now, one Tel Aviv-based company has successfully raised €10.8 million in a Series A round to work on its ship navigation and collision avoidance system, Orca AI.

“The maritime industry has come leaps and bounds in recent years, but is still far behind aviation with technological innovations. Ships deal with increasingly congested waterways, severe weather and low-visibility conditions creating difficult navigation experiences with often expensive cargo,” says Orca AI CEO and co-founder Yarden Gross.

Orca AI combines data from sensors with artificial intelligence to provide real-time insights that reflect the changing conditions at sea. The system can be used for individual ships to deliver predictions and alerts on hazards, but it can also supply fleet managers with insights on the risk behavior and patterns of the entire fleet.

Also Read: Dubai-Based Startup Huspy Helps Emiratis Buy Homes Online

“Utilizing onboard navigation sensors and high-resolution cameras with proprietary AI algorithms, the technology is able to provide valuable insight such as alerting the crew on dangerous targets, prioritize risk in real-time and sort out complex navigation situations,” explains Dor Raviv, Co-Founder & CTO of Orca AI.

Other tech companies are also trying to make the shipping industry safer and less prone to costly accidents. For example, the Saudi Arabian Oil Company is using AI technology to monitor its maritime fleet, while Stockholm-based X Shore is exploring an auto-docking solution that could greatly streamline what’s arguably the most dangerous part of getting a massive cargo ship from point A to point B.

Related Topics:Artificial Intelligence Israel

Up Next

Sajdah Is The World’s First Smart Rug That Helps You Perfect Your Prayers

Don't Miss

Netflix Introduces “Play Something” Shuffle Feature

Click to comment

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.