CLARITECS secures S$850,000 of funding from INNOPORT and an angel investor

CLARITECS secures S$850,000 of funding from INNOPORT and an angel investor

Startup with bunkering specialty was selected for addressing the sector’s pain points

 

Singapore-based maritime solutions firm Claritecs is making significant progress in the industry’s digitalisation space, furthered by its success in securing S$850,000 (US$600,000) in its pre-Series A fund raising round.

 

INNOPORT, the corporate venture capital unit of the globally operating ship owner and ship management company Bernhard Schulte and a separate private angel investor from the Singapore maritime industry, have been confirmed as Claritecs’ investors.

 

Mr Haymon Sinapius, Investment Manager for Asia of INNOPORT, shared, “Since our establishment, we have been seeking out high-potential, early-stage maritime and logistics startups in Europe and Asia for investment, with a view of supporting their scale up.

 

“Claritecs impressed us with their keen sense of identifying pain points faced by the bunkering industry and addressing them with holistic digital solutions based on their strong domain knowledge.

 

“Within this short period, their flagship development BunkerMaestro has evolved from a proof of concept to a very comprehensive scheduling platform to handle bunker fleet optimisation and the complexities of multiple grades of marine fuels required by ships to meet the IMO 2020 sulphur cap regulation. This platform could not be rolled out at a more opportune time and I am very excited to monitor the progress of Claritecs as they bring their other projects to market,” he said.

 

Mr Wong Hong Lee, CEO of Claritecs said, “This investment round will support product development and market roll-out while enabling Claritecs to establish our position as a forerunner in the local technology innovation arena specialising in the bunkering sector.

 

“Besides BunkerMaestro, we have developed Auto Profiling, a tool for quick diagnostics of mass flowmeter bunkering data, which will hit the market concurrently. We have garnered strong market validation from many companies within the entire bunker supply chain who are confident that our solutions will address many archaic work processes still being used today. These products form the foundation in our roadmap of future solutions which we intend to develop.

 

“New product innovation is a key area of focus for Claritecs. We are currently in talks with like-minded partners for possible collaborations so that we can assist our clients in their digital transformation journey,” he disclosed.

 

Claritecs aims to raise its Series A round by Q1 2020 to support their international expansion and future product development.

Source:CLARITECS

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