MarineLabs, a British Columbia-based maritime weather intelligence technology company, has received $4.5 million in a seed funding round, marking the largest investment of its kind in Canadian history for an ocean-tech company, it announced in mid-March.
The funding, which is expected to directly benefit Canada’s marine industry, was led by BDC Capital’s Sustainability Venture Fund with participation from North Vancouver-based Seaspan Shipyards, a leader in Canada’s ship design, engineering, building and ship repair industry.
The $4.5 million is expected to be utilized to accelerate product development, expand market reach and strengthen MarineLabs’ position as an industry leader, the company said, adding that it’s “poised to transform the global weather intelligence landscape” with its CoastAware product at the forefront of innovation.
CoastAware is a weather intelligence solution that enhances safety, efficiency and sustainability in maritime operations by providing users with detailed, actionable, real-time weather conditions data.
CoastAware, MarineLabs has said, empowers ports, vessel pilots and maritime operations to make informed safety critical decisions, reduce operational costs and minimize environmental impact.
“This substantial investment will propel MarineLabs forward as it continues to revolutionize the maritime industry,” the company said in a statement.
“This investment,” François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry added, “will enable MarineLabs to accelerate product development and expand market reach of its real-time weather intelligence solution, while contributing to building a strong sustainable marine Industry in B.C. and Canada.”
In a statement, MarineLabs CEO Scott Beaty expressed gratitude for the support from BDC Capital and Seaspan Shipyards.
“This significant investment is a testament to the confidence our esteemed partners have in our vision and the transformative impact of CoastAware on the maritime sector,” he said. “Providing reliable real-time data enables sound decision-making within the maritime industry, while equipping governments and coastal communities around the globe to respond to volatile weather and build climate resilience.”
Seaspan Shipyards said that it made the investment in the funding round as part of the company’s ‘Value Proposition commitments’ under Canada’s National Shipbuilding Strategy.
“MarineLabs’ innovated-in-B.C. technology aligns with Seaspan’s vision to build a sustained, long-term marine industry in B.C. and Canada,” said Seaspan’s Senior Vice President of Strategy, Business Development and Communications Dave Hargreaves.
“We are excited to support MarineLabs on their growth trajectory and to help position Canada as a global leader in the marine sector,” Hargreaves added.