The autonomous navigation industry, which enables ships to navigate independently using artificial intelligence (AI), is anticipated to exceed $11 billion by 2028. Notably, companies in this field are experiencing substantial growth, with Orca AI being a prominent player. Recently, Orca AI secured $72.5 million in Series B funding, led by Brighton Park Capital, along with contributions from existing investors Ankona Capital and Hyperlink Ventures. This funding brings Orca AI’s total investment to over $111 million, following a previous $23 million round.
One of the key motivations for this latest funding is the company’s expansion into the defence sector. Orca AI, established in 2018 by CEO Yarden Gross and CTO Dor Raviv, leverages an extensive marine visual dataset of more than 80 million nautical miles to enhance its AI-driven decision-making and autonomous navigation capabilities. The integration of AI in maritime operations aims to significantly minimise collisions and allows crews to concentrate on various navigational aspects.
Gross articulated the company’s current focus on the commercial maritime sector while highlighting the emerging defence opportunities from global navies seeking more autonomous, cost-effective vessels that require lower human intervention. Orca AI has already commenced its first contract in the defence arena with a navy ship.
Moreover, Orca AI is benefiting from the advancements of Starlink, SpaceX’s satellite internet service, which facilitates real-time data transmission for mapping routes, monitoring traffic, and sharing vital information. Gross views Starlink as a transformative platform enabling expansive data collection directly from ship sensors.
In a recent analysis, Orca AI reported that its alert system resulted in a 54% reduction in close encounter incidents, translating to average fuel savings of $100,000 per vessel annually. This highlights the significant impact of AI in enhancing operational efficiency and safety in maritime navigation.
Other notable firms exploring autonomous navigation in the maritime sector include Avikus, a subsidiary of Hyundai, and Sea Machines. These companies, along with Orca AI, are at the forefront of a technological revolution that aims to reshape maritime operations for enhanced safety, efficiency, and cost-effectiveness.
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