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MarineLabs Sets Record with Largest Seed Funding in Canadian Ocean Technology Sector

February 21, 2024 - Vancouver, British Columbia - MarineLabs on Hullo Ferry. Photo by Jimmy Jeong

MarineLabs, a pioneering force in cutting-edge maritime weather intelligence technology, proudly announced the successful conclusion of a landmark $4.5 million seed funding round on March 13, 2024. This achievement marks a significant milestone in Canadian ocean tech history, underscoring a substantial investment aimed at bolstering Canada’s marine industry. The funding, spearheaded by BDC Capital’s Sustainability Venture Fund and supported by Seaspan Shipyards, a prominent player in Canada’s shipbuilding and repair sector, signals a transformative phase for MarineLabs.

The infusion of capital catapults MarineLabs forward as it continues to redefine the maritime landscape through its flagship solution, CoastAware. CoastAware stands as a real-time weather intelligence platform designed to enhance safety, operational efficiency, and environmental sustainability in maritime activities. By furnishing users with comprehensive, actionable insights into current and historical weather conditions, CoastAware empowers decision-makers across ports, vessel operations, and maritime ventures.

MarineLabs Founder and CEO Dr. Scott Beatty with MarineLabs sensor buoy.
MarineLabs Founder and CEO Dr. Scott Beatty with MarineLabs sensor buoy.

“The National Shipbuilding Strategy (NSS) continues to grow and present new and exciting opportunities for Canada’s marine industry. As part of this growth, it is important that the maritime sector has the ability to adapt to climate change,” said the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry.  “This investment 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 BC and Canada.”

Dr. Scott Beatty, CEO of MarineLabs, expressed his sincere gratitude for the amazing 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. 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. We are thrilled to embark on this next phase of our exciting journey with BDC Capital and Seaspan by our side.”

Powered by a continent-wide network of coastal sensor units and sophisticated data processing, CoastAware illuminates coastlines with unprecedented weather awareness. This innovative platform equips stakeholders with the tools to make safety-critical decisions, optimize operational expenses, and mitigate environmental impact.

MarineLabs Sensor enabled buoy outside Port of Vancouver.

“BDC Capital is deeply committed to supporting Canada’s most innovative startups, and we are thrilled to be a part of MarineLabs’ journey,” said Jérôme Nycz, Executive Vice President, BDC Capital. “The company’s potential to revolutionize worldwide maritime operations aligns seamlessly with our mission to invest in high-potential, solution-driven businesses that have the ambition to help the world adapt to climate change and build a more sustainable and safer future.”

Seaspan Shipyards made the strategic investment in this funding round as part of Seaspan’s Value Proposition commitments under Canada’s National Shipbuilding Strategy. “MarineLabs’ innovated-in-BC technology aligns with Seaspan’s vision to build a sustained, long-term marine industry in BC and Canada,” said Dave Hargreaves, Senior Vice President of Strategy, Business Development and Communications at Seaspan. “We are excited to support MarineLabs on their growth trajectory and to help position Canada as a global leader in the marine sector.”

The $4.5 million seed funding infusion will be channeled towards accelerating product development, expanding market outreach, and consolidating MarineLabs’ standing as a frontrunner in the industry. With CoastAware at its forefront, MarineLabs is poised to redefine the global weather intelligence landscape, fostering a safer, more efficient maritime ecosystem.

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