Icelandic shipping company Hefring ehf. with the participation of Innoport, the venture capital unit of Schulte Group in Germany, and TechNexus, a US-based venture partnership, Iceland completed a financing tour led by the New Business Venture Fund, a state-owned venture capital fund. The Herring Marine system offers ship operators a smart solution to increase situational awareness, security and activity on shipboard.
It records all voyage data to advance tracking, follow-up and planning while analyzing real-time data from ship operations to adapt and optimize speed, route and decisions. According to the company, the solution could support increase well-being and safety on shipboard and decrease the demand for power during ship operation.
Hefring ehf’s CEO and co-founder Karl Birgir Björnsson made a statement about it, “The funding will enable us to scale faster and expand our system’s capabilities for increased modularity, adaptability to different vessel types and applications, and to develop new features and solutions.”
Hudl Magnúsdóttir, CEO of New Business Venture Fund, commented: “We seek to invest in early-stage technology platforms that we believe can help advance changes in established industries and enable them to better meet today’s global challenges. We are following Hefring ehf. for second financing round because we believe in the company’s prospects and the benefits that their intelligent navigation solutions can offer to mariners worldwide.”
Hefring formally initiated the first version of the Hefring Marine system in 2020 and has since worked nearly with exclusive partners to evolve the solution and technology. The company is currently developing the next generation of the solution and is working with several commercial partners, including De Haas Maassluis B.V. in the Netherlands, the Icelandic Search and Rescue Association, the Norwegian Maritime Rescue Association, the Icelandic Coast Guard and others. The company has considered principally on the merchant ship market, in this process, the solution is also being developed for entertainment and free-time activities ships.
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