MarineLabs Secures $4.5 Million Seed Round from BDC Capital and Seaspan Shipyards
FOR IMMEDIATE RELEASE
Victoria BC, March 13, 2024 – MarineLabs, a leader in cutting edge maritime weather intelligence technology, proudly announces the successful completion of a historic $4.5 million seed funding round, marking the largest investment of its kind in Canadian history for an ocean tech company, which will directly benefit Canada’s marine industry. The funding was led by BDC Capital’s Sustainability Venture Fund with participation from Seaspan Shipyards, a leader in Canada’s ship design, engineering, building and ship repair industry.
This substantial investment will propel MarineLabs’ forward as it continues to revolutionize the maritime industry with its flagship product, CoastAware. CoastAware is a real-time weather intelligence solution that enhances safety, efficiency, and sustainability in maritime operations by providing users with detailed, actionable, real-time, and historical weather conditions data for informed decision-making.
“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 immense gratitude for the overwhelming 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.”
CoastAware is a coastal intelligence platform that lights up coastlines with a vast increase in weather awareness by combining real-time data from a MarineLabs’ continent-wide fleet of coastal sensor units with advanced data processing. With CoastAware, MarineLabs empowers Ports, Vessel Pilots, and Maritime operations to make informed safety critical decisions, reduce operational costs, and minimize environmental impact.
“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 will be utilized to accelerate product development, expand market reach, and strengthen MarineLabs’ position as an industry leader. The company is poised to transform the global weather intelligence landscape, with CoastAware at the forefront of innovation.
For media inquiries, please contact:
Kate Chandler
MarineLabs Data Systems
media@marinelabs.io
250 466 5689
About MarineLabs
MarineLabs is a coastal intelligence company and real-time data provider, whose data is transforming marine safety and helping to build climate-resilient coastlines. Founded in 2017, the B.C.-based company offers high resolution real-time wind, wave, and weather intelligence as well as AI-driven insights from a North America wide fleet of cloud-connected, rugged instruments.
About BDC Capital
BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity as well as fund investments, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital
About Seaspan:
Seaspan ULC is a leader in Canada’s ship design, engineering, building and ship repair, along with marine transportation through ship assist, coastal and deep-sea transportation, ferry services, and fuel bunkering on the west coast of Canada. With well over a century of successful participation in coastal commerce, Seaspan is a major partner in the Pacific Northwest marine economy and is a trusted and strategic partner on a range of complex projects for both government and the private sector.
