BCG Digital Ventures and MISC Group co-invest in three startups to redefine maritime space with deep tech

SaaS News -bcg-digital-ventures-and-misc-announce-co-investment-in-three-ventures-to-disrupt-the-maritime-solutions-space-with-deep-tech (source: SaaS Industry)
At a Glance

BCG Digital Ventures and MISC Group have announced their previous year’s investment in three Singapore-based startups that aim to transform operations in the maritime space. The companies would join BCGDV’s broader portfolio of innovative businesses and products, with backing from MISC Group.

BCG Digital Ventures (BCGDV), a corporation innovation, incubation and investment arm of the Boston Consulting Group and MISC Berhad, an international maritime solutions provider, have announced a co-investment in three Singapore-based startups – SOL-X, Chord X, and Spares CNX, aimed at disrupting the shipping industry, a press release from BCGDV said.

The investment was made last year when the companies were in their stealth mode. These three companies would join the broader portfolio of BCGDV’s innovative businesses and products, backed by the MISC Group.

BCGDV enunciated that though the three startups differ in their approaches, they demonstrated the transformational potential of strategically applying digital and deep tech capabilities like AI, machine learning and Industrial IoT (IIoT)to create operational efficiencies across the shipping value chain.

Three ventures

SOL-X aims to redefine maritime safety by creating an industry-first Safety 4.0 company that leverages IIoT and predictive AI to improve safety and compliance. 

Chord X is a data analytics company in the maritime space, advancing ship management through sensors, data integration, machine learning and human expertise to achieve operational and emission efficiency in significant maritime assets.

Spares CNX aims to redefine the shipping supply chain via its automated inventory management solution that tracks the life cycle of spare parts onshore and across the fleet.

Together, the three ventures would be the critical drivers for the smart ship, which uses AI and automation to ensure safety, efficiency and environmental sustainability. Sid Shah, managing director & Partner and global leader of the energy practice at BCGDV, expressed delight at supporting the ventures and added,

With 90% of the world’s goods transported by ships, and considering the fragmented attempts at innovation, we believe these investments are going to be absolutely transformative to the maritime industry, as well as to industries such as mining, energy, and industrial goods.

Yee Yang Chien, the president/group CEO of MISC, stated that investing in the three startups allowed the company to explore opportunities to harness the power of digitization in the maritime industry. Noting that the challenges posed by the pandemic made them rethink their approaches and operations, Yee added,

I believe that in order for us to move forward, we must be bold in exploring the endless opportunities to further improve operational excellence in various areas, including safety and process efficiency. I am confident about the prospects that the three digital ventures offer and that this partnership will enhance our contribution toward the sustainability of MISC Group’s environmental, social, and governance agenda.

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