From TechCrunch · Sean O'Kane · · 2m
Maritime startup Quartermaster raises $140M Series B
Ocean surveillance company Quartermaster closes a $140 million Series B, more than tripling its May funding as demand for real-time maritime data surges.
In brief
Ocean surveillance company Quartermaster closes a $140 million Series B, more than tripling its May funding as demand for real-time maritime data surges. Arlington, Virginia-based maritime intelligence startup Quartermaster raised one hundred forty million dollars in Series B funding, led by Insight Partners and…
Quartermaster closes $140M Series B
Arlington, Virginia-based maritime intelligence startup Quartermaster has closed a one hundred forty million dollar Series B, less than five months after raising forty three million dollars in Series A funding.
The round was led by Insight Partners
Insight Partners, a software-focused venture firm, led the Series B. New investor Overmatch Ventures, a defense-focused firm, also participated, alongside existing backers like First Round Capital.
Debt facility adds another $40M
About one hundred million dollars of the Series B came from equity investors. The remaining forty million dollars came as a debt facility from investment bank Stifel.
World events drove investor conviction
Founder and CEO Neil Sobin said the war in Iran and resulting shipping chaos helped drive investor interest. Events in the world create clarity and urgency around Quartermaster's maritime surveillance mission.
“Events in the world drive that clarity and drive that conviction and urgency, and when you see that, you gotta seize the opportunity.”
SmartMast captures real-time ocean data
Quartermaster's hardware, called SmartMast, integrates cameras and radios into a package mounted on a ship's mast. It captures and relays real-time maritime data far beyond the standard automatic identification system.
Each SmartMast records tens of gigabytes daily
Sobin said each SmartMast records tens of gigabytes per day. Quartermaster and its customers are still finding new uses for the data being captured, from collision avoidance to understanding shipping lane congestion.
Over 650 vessels now equipped globally
More than six hundred fifty vessels are now equipped with SmartMast in twenty five countries. Quartermaster has shipped over eight hundred units to customers and is about to deploy systems to entire fleets.
Doubling manufacturing to meet demand
Quartermaster has doubled its manufacturing capacity and continues tweaking its design for faster production. Sobin said the startup is running faster and doubling down on its strategy as demand surges.
“We know we can do this, and we are seeing a lot of proof that tells us we're really onto something massive and important in the world.”
The bottom line
Arlington, Virginia-based maritime intelligence startup Quartermaster raised one hundred forty million dollars in Series B funding, led by Insight Partners and Overmatch Ventures, to expand its ocean surveillance technology.
