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Monday, June 17, 2024

Norwegian Nortech AI raises €2.5 million to set sail for a greener horizon

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Nortech AI, a tech startup originating in Lisbon, Portugal and based in Bergen, Norway, has secured €2.5 million in a seed funding round from Indico Capital Partners, Earlybird-X, and joined by The Visionary Company & VC. The startup specializes in providing AI-driven solutions to optimize fuel consumption, navigation, equipment maintenance, and real-time data for the maritime industry, ultimately enhancing operational efficiency and environmental sustainability. The funding will be used to further develop and expand their AI-driven solutions for the maritime industry, enabling more effective digitalization and promoting environmental conservation through reduced greenhouse gas emissions.

Nortech AI’s core mission revolves around empowering businesses to take control of their data, offering scalable solutions tailored to their specific needs. Their comprehensive approach spans from data collection to deploying advanced models for anomaly detection and predictive maintenance. With user-friendly hardware and an affordable pricing structure, Nortech AI aims to make data ownership and digitalization more accessible for companies, reducing installation costs and bringing decision-making closer to line managers and engineers.

Nortech AI’s journey began as they recognized the maritime industry’s evolving needs and its growing focus on connected information systems and resource optimization. The maritime sector, known for its significant fuel consumption, has increasingly shifted toward lighter fuel oils, creating a demand for advanced AI technology to track and optimize fuel usage. This emerging field, often termed “maritime informatics,” involves IT-powered collaboration to enhance operations, meet client demands for transparency, and address societal concerns. Nortech AI simplifies the digitalization journey in the maritime industry and other sectors, making industries more data-driven and environmentally sustainable. Their plug-and-play solutions, rooted in industrial IoT, enable real-time decision-making and data-driven operations, including vessel performance monitoring and process automation, thus driving a smarter and more efficient future for various industries.

“Our mission is steeped in simplicity and efficiency. We envision a world where businesses leverage the power of industrial IoT without the accompanying complexities. It’s about creating a future where digitalisation is not a hurdle, but a pathway to sustainable and smart operations,” says Francisco Roque, Nortech AI’s CEO.

Michael Schmitt, a partner at Earlybird-X, says, “Industrial IoT is a critical conduit for streamlined, intelligent, and sustainable operations. Nortech AI simplifies the digitalisation journey, empowering industries to become more data-driven without hassle.”

Stephan Morais, managing general partner at Indico Capital Partners, says, “The maritime industry is ripe for the implementation of software that helps it become more sustainable.”

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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