Sweden’s greentech firm Cetasol secures €2M to boost maritime sustainability: Here’s how

Gothenburg-based Cetasol, a Swedish firm focusing on maritime sustainability, announced that it has secured €2M in a seed round of funding. The investment came from Sarsia, ShipsFocus, and Impact X Capital.

With this funding, Cetasol says it can broaden its market presence and enhance its product range. The company also aims to increase its product sales volume by doubling its research and development efforts and optimizing software development.

Paula Groves, Impact X’s Chief Investment Officer, says, “Impact or 10 to 25 per cent.”

“Cetasol’s staff is 40 per cent female, demonstrating that diverse teams can deliver outsized results which positively impact sustainability and the world.”

Maritime sustainability

According to a statement from Cetasol, maritime sustainability is crucial for future-proofing operations, especially with tightening regulations and International Maritime Organization (IMO) objectives.

Optimizing energy usage is essential due to rising fuel costs leading to increased operational expenses and reduced profits. Fuel expenditures typically make up 30-50 per cent of maritime organizations’ operating costs, mentions the statement.

Additionally, many operations lack insights into their actions and outcomes regarding CO2 reduction. Cetasol was founded to address these challenges.

Ethan Faghani, founder of Cetasol, formerly served as Chief Engineer of AI and automation at Volvo Penta. Recognizing the impact of human factors on fuel efficiency, he developed the iHelm decision support platform to reduce fluctuations and achieve fuel savings of 10-25 per cent.

Cetasol became an independent startup in 2020, focusing on brand-independent solutions. Its intelligent decision support solution, iHelm, is now installed globally, helping to enhance insights, operational management, and energy optimization.

The product has undergone development over the past few years and transitioned from pilot phase to commercial availability for fleet installations since Q4 2023.

What does iHelm solution offer?

Cetasol’s iHelm platform is an AI-driven decision support system aimed at enhancing insights and reducing emissions through energy optimization. It’s compatible with any vessel, offering actionable insights and real-time support.

iHelm includes PC, onboard, and cloud components. Captains access emission reduction insights through the Captain Display onboard. iHelm collects data from the vessel, engines, and surroundings, transmitting it to the cloud.

In the cloud, crew, managers, and owners access analyzed data for actionable insights. Ready-made emissions and reports are downloadable, promoting time-saving and sustainable decisions.

iHelm uses advanced data modeling and AI, eliminating the need for individual programming for each case or vessel. This scalability enables mass-volume sales.

The iHelm platform leverages technology to generate fully data-based digital twins of operations with minimal sensor inputs. These models can be created while vessels are in operation, requiring minimal supervision.

Capital utilization

Cetasol will use the funds to double its R&D efforts and broaden sales channels globally. Emphasis will be on AI and product optimization to drive volume sales.

The company’s expansion plans include hiring more product owners and data engineers to sustain company growth.

Cetasol aims to offer an off-the-shelf volume product as a result of this investment. The funding will also support the global growth of iHelm.

Founder and CEO, Faghani, says, “With this global investment, we have shown the range of Cetasol and iHelm. The impact of our solution is noticeable globally and can impact maritime sustainability in operations all over the world.”

“We have shown the potential of iHelm and with this investment, we are able to take Cetasol to the next level, we are ready to scale up.”

Brief about the investors supporting Cetasol

Sarsia, a Nordic-based venture capital fund, invests in technologies and founders driving the green transition and building sustainable companies for the future.

Speaking about the investment in Cetasol, Jon-Kåre Hansen, Partner at Sarsia, says, “What we see in Cetasol is AI/ML driven technology to route and fuel optimisation, based on deep engine know-how from Volvo, a team with a drive to build the business, and in a setting where new regulations are coming from EU and IMO for the mid-size vessel market.”

“What you get is real and substantial fuel savings for the marine sector, an important part of the green shift. We look forward to working with the team and partners to scale the business worldwide.”

ShipsFocus is a venture studio and VC fund that nurtures startups offering practical solutions for high recurring value in maritime commerce. The firm’s goal is to transition the maritime supply chain into a digital one.

Impact X is a venture capital firm supporting diverse entrepreneurs in Europe and the US, aiming for both financial returns and social impact.