“When it comes to climate and weather, our oceans are our blind spot. We are on a mission to fix it,” says CEO Tim Janssen
SAN FRANCISCO, November 2, 2021 / PRNewswire / – Sofar Ocean, the world’s largest ocean intelligence platform, today announced that it has been awarded a $ 39 million Series B round of funding with Union Square Ventures (USV) and The Foundry Group. With this funding, Sofar will further develop its technological platform and develop its team in key regions around the world. The funding enables the team to execute its mission of providing climate information through ocean intelligence, enabling strategic business decisions, and promoting climate change adaptation and mitigation.
To date, Sofar’s subscription base includes hundreds of climate and ocean scientists, more than a dozen global shipping carriers, and international government agencies that leverage its IoT ocean intelligence platform to applications such as: climate research; fuel efficient ocean mobility; offshore energy site and risk assessment; weather models and forecasts; protection of coastal communities, local economies, assets and more.
“Uncertainty in any form translates into risk. Lack of accurate ocean data increases operational uncertainty and inefficiencies for major global industries, such as shipping,” said Rebecca Kaden, Managing Partner at Union Square Ventures. “The financial and environmental costs of uncertainty are enormous. For example, today, 3% of global GHG emissions come from the shipping industry. Sofar’s ocean intelligence platform, powered by its global network of ocean sensors, will provide the information needed to help key ocean industries, like shipping, improve inefficiencies, reduce risk, and most importantly, mitigate their impact. on the climate. “
The cycle is a union with the USV’s Climate Fund, which invests in companies that decarbonise the economy and provide solutions to mitigate or better adapt to the climate crisis, and Foundry Group, which is used to working with the best and the brightest in Silicon Valley. Both will contribute to the continued growth and maturity of Sofar.
“Sofar has built the first ocean intelligence platform to deliver valuable information to existing and emerging ocean industries, and to lead to critical advancements in tackling the climate crisis,” said Lindel Eakman, partner at Foundry Group. “Climate change and extreme weather conditions increase uncertainty and risk and impact all major industries around the world. As an end-to-end platform with a global network of ocean sensors, data, information and applications, Sofar’s platform is well positioned to succeed. with the best integrated customer experience. For starters, the platform’s data and information immediately helps industries like shipping reduce emissions and increase efficiency. We believe large-scale ocean detection and intelligence will play an increasingly important role across multiple industries in reducing climate risk and weather uncertainty. “
Founded to fill the glaring data gaps in ocean monitoring and research, Sofar has built a powerful and unique ocean intelligence platform. With thousands of IoT sensors across our oceans that have accumulated over 5 million ocean hours and providing over 100,000 unique ocean data points every day, Sofar collects unprecedented amounts of ocean data from around the world. – from the Southern Ocean to the kelp forests of California and the coral reefs of Australia. The rapid growth of Sofar’s distributed sensor network across the world’s five oceans reflects the acceleration of large data networks in space.
“At Sofar, we aim to provide large-scale ocean data to accelerate climate knowledge,” said Sofar CEO Tim janssen. “The oceans determine the world’s weather and are an essential component of our climate system. Although we primarily experience climate and weather change in the form of atmospheric processes, much of what we see, such as the intensification of tropical storms and hurricanes, is fueled by oceanic processes. Ocean data and information are increasingly essential for successful mitigation and adaptation to climate change. Over the past decades, with advancements in IoT technology and distributed sensing, we have become excellent at collecting large-scale data on earth and in space. Oceans Now the Last Frontier Ocean intelligence, powered by global networks of sensors, is key to reducing weather and climate uncertainties, helping industries operate more efficiently, reducing operational risks and reducing emissions. As sea levels rise and storms intensify, accurate and abundant ocean data is needed to keep vulnerable coastal communities safe and protect valuable industrial infrastructure and facilities. Our mission is to build a more sustainable future powered by ocean intelligence. “
About Sofar Ocean Technologies
Sofar Ocean connects the world’s oceans to deliver data-driven insight to science, society and industry for a more sustainable planet. Sofar owns and operates the largest network of open ocean sensors delivering critical real-time information that powers applications for customers across industries, from shipping and government to environmental research and more, to demystify the oceans. of the world. For more information, please visit: http://www.sofarocean.com.
About Union Square Ventures
Union Square Ventures is a thesis-driven venture capital firm based in New York City. USV’s current thesis focuses on products and services that exploit networks to expand access to capital, knowledge, and well-being. The wallet includes Twitter, Etsy, Twilio, MongoDB, Coinbase, Carta, and Stripe, among others.
About Foundry Group
Foundry Group (www.foundrygroup.com), based in Boulder, CO, was created in 2007 and manages several funds representing more than $ 3.0 billion in assets under management. Foundry invests in technology companies and venture capital funds United States and Canada.
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SOURCE Sofar Ocean Technologies