SeaVantage, a Seoul, South Korea-based startup that provides real-time visibility to ocean shippers and logistics service providers, raised $1.3 million in funding.
The round was led by We Ventures. Other investors in the round include IBK Capital, Lindeman Asia Investment, and BDC Labs.
The new funding will go toward the continued global expansion of SeaVantage's ocean visibility platform, as well as new product innovations, improvements, and partnerships to offer the most reliable platform on the market.
"With this funding, we hope to expand into a global supply chain visualization platform and further increase the accuracy of our maritime predicted analytics," said Gene Song, CEO, and founder of SeaVantage.
The visibility platform of SeaVantage provides real-time visibility to ocean shippers and logistics service providers by leveraging its proprietary maritime predictive analytics tool to deliver reliable and accurate data.
Since the launch of its visibility platform in late 2021, SeaVantage has signed over 60 paying companies (local and international) with a customer retention rate of 100% as of December 2022. Notable paying clients include POSCO, Hyundai Glovis, Samsung SDS, and most recently, LX Pantos, now the 6th largest global ocean freight forwarder by ocean TEU.
Over 1000 companies from 40 countries are presently using the free trial version of SeaVantage's visibility platform.
Company: SeaVantage Inc.
Raised: $1.3M
Round: Unknown
Funding Month: December 2022
Lead Investors: We Ventures
Additional Investors: IBK Capital, Lindeman Asia Investment, and BDC Labs
Company Website: https://www.seavantage.com/
Software Category: Ocean Freight Visibility Solutions
About the Company: Founded in 2018, SeaVantage is a startup that helps companies transform their ocean supply chain with real-time and predictive visibility solutions. Leveraging the power of its predictive analytics and advanced visibility platform, the company is able to help companies proactively manage and respond to unforeseen disruptions in their ocean transport through its solutions; cargo insight, port insight, and ship insight. Its maritime network covers over 30+ shipping lines, 300,000+ vessels, and 4000+ seaports. SeaVantage constantly expands its visibility network every day and continually improves the accuracy of its prediction-based analytics.
Source: https://www.seavantage.com/news/seavantage-receives-%241.3-million-in-latest-funding-