Flagship Founders
Global Maritime Tech Startup Map 2024
Introducing our Global Maritime Tech Startup Map 2024: Mapping the Current Landscape of Maritime Software Startups and Scaleups Worldwide
Last year, Flagship Founders published the first Global Maritime Tech Startup Map, offering a comprehensive view of the global landscape of maritime-focused software startups and scaleups. Following the inaugural release, which broadened our perspective from a European-centric view to a global analysis, this initiative has continued to foster valuable discussions and insights into the evolving dynamics of the maritime industry.
The 2024 edition of the Flagship Founders Global Maritime Tech Startup Map includes 149 startups and scaleups operating within the maritime industry, organised into 10 principal categories. This broad overview encompasses enterprises from various global regions, including Europe, Asia, North America, South America, and Oceania.
The selection criteria remains stringent, requiring companies to have been founded within the last 10 years (post-2014), focus solely on software (excluding hardware), and operate independently without having been acquired, merged, or spun off from a large corporate entity, specifically within the maritime domain and not general logistics.
We have not included the 16 companies that were acquired or merged within the last year as they do not fit within our scope of criteria anymore. In saying that, we have used that data as a discussion point in our findings below.
Significantly, the number of companies using artificial intelligence (AI) has almost doubled over the past year, reflecting a rapid integration of AI technologies in maritime products and operations. This year's map not only provides a comprehensive snapshot of the current landscape but also highlights the dynamic and rapidly evolving nature of the maritime tech sector.
As the industry continues to innovate, our map will evolve to feature new companies, categories, and regions leading maritime technology advancements. While we strive for comprehensiveness, we acknowledge the evolving and imperfect nature of our map. If you want to be considered for next year's map and fit within our criteria, we'd love to hear from you!
16 Companies Have Merged or Been Acquired
Over the past year, 16 companies from our 2023 Global Maritime Startup Map underwent mergers or acquisitions. This represents over 10% of the total companies on our list, which is a remarkably high number and provides a promising outlook for other ventures. (N.B - these companies are not included on the 2024 map as being merged or acquired falls outside of our criteria). We also observed notable trends among these mergers and acquisitions:
1. Data, analytics or IoT solutions merging with technology platforms
We found that companies that offer data, analytics or IoT solutions commonly merge with technology platforms to enhance their collective offering. For instance, in October 2023, Alpha Ori merged with ZeroNorth, combining Alpha Ori’s IoT sensors and high-frequency data with ZeroNorth's platform. This merger aims to provide sustainable solutions for shipping companies to reduce emissions and optimise global trade. Another example of this trend is Ocean Technologies Group's acquisition of DanDocs in March 2024, which supports Ocean Technologies Group's strategy to enhance maritime operations by integrating specialised regulatory expertise.
2. Larger companies acquiring companies with a sub-service offering
Another acquisition pattern we found captures established companies with large client bases aiming to expand their services. They acquire companies with a specialised product to enhance their overall service offerings. For example, Mintra's acquisition of Seably and WellAtSea reflects its strategy to expand its digital learning and human capital management solutions in the maritime and energy sectors, aiming for rapid market share growth. Similarly, the December merger of Navtor and Voyager Worldwide combines their maritime technology solutions to enhance safety, efficiency, compliance, and operational performance for shipping companies.
Increase in AI Companies by 46%, 27.5 % of Companies on the Map are using AI
2023 marked a pivotal year in AI, highlighted by significant advancements such as the introduction of OpenAI's GPT-4 and Google's AI-enhanced search capabilities. Notably, AI startups attracted over 25% of total investment in American startups, a substantial increase from the 12% recorded between 2018 and 2022 (Crunchbase, 2023). This trend extended into niche sectors like maritime-tech, where new entrants like Sealenic and Nautisense emerged, and existing companies integrated AI functionalities into their offerings.
Map Eligibility Criteria
The 2024 edition of the Flagship Founders Global Maritime Tech Startup Map includes 149 software startups and scaleups operating within the maritime industry. The selection criteria remain stringent, requiring companies to have been founded within the last 10 years (post-2014), focus solely on software (excluding hardware), and operate independently without having been acquired, merged, or spun off from a large corporate entity, specifically within the maritime domain and not general logistics.
Companies not included:
We have not included the 16 companies that were acquired or merged within the last year and were on the 2023 map, as they do not fit within our scope of criteria anymore.
10 Categories:
The 149 companies have been organised into 10 principal categories: Finance & Insurtech, Chartering & Commercial (incl Freight Forwarding), Communications & Information, Condition & Maintenance, Crewing & Crew Logistics, Voyage Optimization & Performance (incl Weather), Ports & Docks, Cyber Security, Bunker & Lube Oil and GreenTech & Decarbonisation. It’s important to note that many companies do not exclusively fit into one category, and may offer several services that enable them to be in both “Communications & Information” and “GreenTech & Decarbonisation”, for example. For the purposes of this exercise, we have placed each company into what we believe to be most applicable.