Ceto raises £3.6 million to power global push

A Newcastle-based maritime technology firm has secured £3.6 million to accelerate its global expansion and deliver predictive tools that raise the bar for operational efficiency across the shipping industry.

Ceto, whose AI-powered platform helps shipowners cut emissions, lower costs and access better insurance terms, say they will use the investment to scale faster and deepen its industry collaborations. 

The funding round was led by Tennessee-based Dynamo Ventures, with support from Howden Ventures, Signal Ventures, Motion Ventures and Chaucer.

Tony Hildrew, chief executive and founder of Ceto, named after the ancient Greek sea goddess, said: “For as long as humans have existed, so has our desire to sail the open water. 

“It’s no surprise then that maritime – one of the world’s oldest industries – still relies on some outdated practices

“At Ceto, we aim to unite the power of AI with the indispensable human expertise at the heart of maritime. 

“This kind of technology plays a critical role in identifying risk and improving decision-making, ushering in a smarter era for shipping and finance.”

Ceto’s system allows shipowners to get online in hours, whether starting from scratch or integrating existing data. 

Its suite of tools includes Watchkeeper, for real-time vessel tracking and risk detection; CarbonID, for emissions and fuel reporting; and Connected Insurance, which links vessel performance to insurance outcomes.

As part of its growth plans, Ceto has appointed marine insurance veteran Bob Clarkson as chief underwriting officer, strengthening its insurance and risk expertise.

Santosh Sankar, managing partner of Dynamo Ventures, added: “Maritime operations are the backbone of industry, with 80 per cent of global trade by volume taking place over sea.

“An industry with this much global reliance is insured using analog practices that are a hundred years old . 

“Ceto’s quest to reshape the future of maritime insurance is not just inspirational – it’s necessary. 

“Our world won’t move forward if our supply chain is stuck in the past, and Dynamo is excited to be supporting Ceto as they embark on this journey to improve how these assets are monitored, maintained, and insured.”

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