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The autonomous navigation market is on the rise, with ships using AI to steer themselves, resulting in fuel and time savings. Orca AI recently closed a $72.5 million Series B funding round led by Brighton Park Capital, bringing their total raised to over $111 million. Founded in 2018, Orca AI applies AI-powered decision-making and autonomous capabilities to ships, significantly reducing collisions and allowing crews to focus on other aspects of the voyage.
The new funding round was primarily driven by opportunities in defense, with navies around the world looking for cost-effective assets that can operate more efficiently with less human intervention. Orca AI has already signed its first contract in the defense field and deployed on a navy ship. The company’s growth is also supported by the expansion of Starlink, enabling real-time data transmission for mapping routes, traffic monitoring, and sharing critical information.
Orca AI’s alerts system has shown a 54% reduction in close-encounter events, leading to an average savings of $100,000 in fuel per vessel per year by 2024. Other companies in the autonomous navigation space include Avikus (Hyundai HD subsidiary) and Sea Machines.
