Driving maritime innovation with Howden Ventures and CetoAI
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About CetoAI
CetoAI is an innovative software company that provides powerful predictive analytics to the maritime industry. Combining high frequency data, engineering expertise and artificial intelligence, they reduce machinery breakdowns, cut carbon emissions and manage operational risk.
The problem
The global maritime sector is facing multiple challenges around reliability, decarbonisation, and digitalisation, as the data currently available is collected manually via paper trails.
CetoAI's solution
CetoAI’s device collects and stores under-utilised and often wasted data streams that come from existing sensors. It creates an accurate representation of a vessel’s condition, establishing a baseline on Ceto’s proprietary Machinery Performance Index and allowing to spot anomalies early, predict future conditions of equipment and catch potential problems before they arise. It also tracks fuel consumption, emissions and machinery indicators, and makes performance suggestions to practically optimise the vessel’s performance.
The funding, underwriting capacity and expertise that we can access through Howden Ventures is unparalleled and will allow CetoAI to address the emerging risks faced by clients as vessels become larger, more connected and technologically advanced.
Why we chose CetoAI
In October 2023 we announced CetoAI as the first recipients of Howden Ventures' seed funding. We believe they represent a step change in the way that vast streams of data can be used across maritime and marine insurance underwriting. Its innovative and yet simple technology will facilitate not only risk response but true risk prevention and mitigation for those who operate in the global maritime sector.
This work is the result of a strategic partnership between CetoAI and our partners Chaucer Group, which is poised to accelerate innovation, improve risk management, and drive advancements that will benefit both the maritime industry and the broader marine insurance sector. The marine and innovation team at Chaucer will work closely with CetoAI over the coming months providing deep industry expertise around the marine market as the company moves towards the delivery of a new insurance product.
This work is underway; stay tuned for updates.