Mariners Log launches seed funding round
If engineering is the heartbeat of a vessel, data is the blood, and the overall health of the vessel can be monitored by analysing this data.
New Zealand based Mariners Log has announced the opening of a seed funding round, with the funds to be used towards further R&D, AI and expanding the team. Mariners Log is building engineering software to improve efficiencies, streamline data collection, and leverage analytics with the goal of becoming the leader in marine analytics. The software will allow data-driven, pro-active decisions to be made, removing guesswork from the equation.
Every data point onboard a vessel tells a story
Mariners Log is addressing the issue of outdated, paper-based machinery logs. Paper logs are time-consuming and prone to damage, and they don’t allow for the collection of usable data. This in turn creates inefficiencies, increases maintenance and can result in dangerous
operations.
To solve the problem, Mariners Log has created a fully digital solution, and is leveraging AI to provide in-depth analytics and identify trends early. Trends can then be acted on to reduce damage, unplanned maintenance and critical breakdowns.
The analytics are also effective in helping to facilitate the sharing of data between ship and
management, increasing transparency between all stakeholders. Transparency helps operations run as efficiently as possible – saving time and money, whilst also being better for the environment.
The Mariners Log MVP launched in April 2022 and it has since been trialled on over 20 vessels. The team is also busy building a pilot program for a large commercial company and they have been approached by Planned Maintenance Systems regarding collaborations.
First-hand experience of the problem
Founder Ken Sinclair previously spent 10 years as an engineer onboard on yachts ranging from 30m to 90m, as well as merchant vessels. He holds numerous qualifications including a Class 3 marine engineering CoC, and has subsequently developed an in-depth understanding of the problem that Mariners Log is looking to solve.
The idea for the company was sparked whilst Ken was on an ocean crossing, after he became frustrated with the clunky log-keeping systems onboard. What started as a simple, single function program has now grown into a comprehensive tool to maximize efficiency onboard vessels of all types and sizes.
Commenting on the round, Ken Sinclair said, “I’m proud of how far Mariners Log has come
since the original, single function version was created on that crossing in 2019. We’ve bootstrapped the business to-date with limited finances and resources available. The solution has since not only evolved into a viable product, but it has also evolved into a tool that will have a positive impact in the global maritime industry by reducing inefficiencies. We have gotten this far with limited resources, imagine what we can do with the right backing.”
Visit their website at https://marinerslog.co.nz/
CAPITAL AT RISK. Investing in start-ups and early-stage companies involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. There is no assurance that the investment objectives of any investment opportunity will be achieved or that the strategies and methods described herein will be successful. Investors are recommended to seek independent advice before committing or if they have any doubts as to the appropriateness or suitability of such an investment in relation to their specific circumstances.
Story published as provided by Gabbi Richardson – Yachting Ventures
