Bearing, a Palo, Alto, CA-based maritime shipping AI company, launched a new AI-powered Carbon Intensity Indicator (CII) optimization product.
Bearing also announced that it raised $7 million in post-seed funding from existing investors Mitsui & Co. and AI Fund, bringing Bearing’s total investment to $10 million.
The new funding will be used to accelerate ongoing R&D and go-to-market efforts for the new CII product.
Company: Bearing, Inc.
Round: post-Seed Round
Funding Month: Aug 2022
Lead Investors: Mitsui & Co. and AI Fund
Company Website: https://bearing.ai/
Software Category: AI-powered Shipping
About the Company: Founded in 2019 by Dylan Keil and David Liu, Bearing is at the forefront of bringing artificial intelligence to the maritime shipping industry. Bearing's technology combines deep learning with real-world data from a variety of sources to generate hyper-accurate ship performance models that can predict fuel consumption, speed, and other values far more accurately than traditional models. Bearing is developing AI-enabled products to address the shipping industry's most pressing issues, and we already have some of the world's largest shippers as partners. The new AI-powered application predicts CII scores for vessels, allowing shipping companies to assess their risks, improve their ratings, and make better-informed business decisions about the effects of the regulations. The company's headquarters are in Palo Alto, California.