Sustainability startup Signol, which uses behavioural science to reduce emissions in hard-to-abate industries such as shipping, has raised £2.5m from industry-focused investors.
Signol’s tech-enabled behaviour change service helps ship operators to fully engage their human workforce to make the most of the opportunities they already have to reduce emissions through their daily tasks. The investment round was led by New York-based venture capital firm TMV, which invests in legacy industries ripe for disruption. The round included participation from industry stakeholders including Ultranav, a global diversified ship-operator, and MOL Plus, the venture arm of Japanese shipping company Mitsui OSK Lines. London-based venture capital firm East Innovate, which led Signol’s previous funding round, has reinvested.
TMV co-founder and general partner Marina Hadjipateras said: “It’s crucial that we invest in solutions which can have an immediate impact to improve the sustainability and efficiency of legacy industries like shipping. There’s always a human factor when it comes to transforming industries – especially in maritime, whose overall market size is valued at over US$ 152bn and which is responsible for 90% of the way in which goods are transported. Signol harnesses the real power of people to shift operational behaviour and culture towards more sustainable practices. We believe this approach can extend to multiple verticals beyond aviation and shipping, making it an attractive investment case, particularly given Signol’s plans to explore how AI can further empower individuals to perform their jobs as efficiently and effectively as possible. This use of AI will maximise the potential of human decision-making and increase the value of the human workforce.”
Signol claims to offer the untapped opportunity to use behavioural science to achieve sustainability targets. To date, Signol has saved shipping and aviation companies more than 100,000 metric tonnes of CO2 by optimising human decision-making, without any technological or physical changes to ships or aircraft. The CO2 savings stem from reductions in fuel consumption up to 12% in shipping.
Ultranav’s Per Lange said: “Ultranav is delighted to support Signol’s efforts to ensure the shipping industry doesn’t overlook the power of its human workforce as we tackle the urgent need to decarbonise. During my 40-plus year maritime career, I’ve seen first-hand that it’s not always straightforward to appropriately engage crew members in efficiency initiatives without adding to their workload and mental stress. With a strong foundation in behavioural science, Signol’s solution enables crew members to contribute as much as possible to sustainability goals while also improving the day-to-day experience at sea for our vital workforce.”
Michael Fanning, Signol CEO, said: “Securing investment from industry-leading companies like Ultranav and MOL is a significant endorsement from the maritime industry that our human-centric approach is seen as a critical lever in companies’ sustainability strategies. Adding Marina Hadjipateras and Per Lange to Signol’s board is another huge benefit. They bring a wealth of investment and industry experience coupled with great enthusiasm for Signol’s purpose, which I am confident will serve to accelerate Signol’s growth and impact”
Takuya Sakamoto, CEO MOL Plus, said: “We have engaged in ongoing productive discussions with Signol regarding issues in the ocean shipping industry. We love their unique approach to assisting seafarers in better managing increasing workloads on board. MOL Plus is proud to participate in Signol’s fundraising round to ensure the human opportunity is not overlooked. We are happy to join other partners and shareholders on this exciting journey with Signol. We commit to strong support from our maritime corporate standpoint.”
Image: Signol harnesses the human element to help cut emissions (source: Signol)
