South Korea-based startup SeaVantage has announced raising $1.3 million in a funding round backed by We Ventures, IBK Capital, Lindeman Asia Investment, and BCD Labs.
The startup, which provides real-time ocean supply chain visibility, said it will use the fresh funding to expand its ocean visibility platform, which has been used by shippers and logistics service providers. It will also finance new product innovations and improvements, and partnerships to offer the most reliable platform on the market.
“With this funding, we hope to expand into a global supply chain visualization platform and further increase the accuracy of our maritime predicted analytics,” said Gene Song, CEO and
founder of SeaVantage.
The funding round, led by We Ventures, follows the rapid growth the company has achieved as an increasing number of supply chain professionals have been turning to real-time visibility solutions to better manage and track their ocean shipments, according to the announcement.
The visibility platform of SeaVantage provides real-time visibility to ocean shippers and logistics service providers by leveraging its proprietary maritime predictive analytics tool to deliver reliable and accurate data.
With this platform, container and vessel status updates, schedule changes, and port & terminal congestion information are all visible, allowing ocean shipping professionals to take the right actions before things go wrong in their supply chain.
Since the launch of its visibility platform in late 2021, SeaVantage has signed over 60 paying companies (local and international) with a customer retention rate of 100% as of December
2022. Notable paying clients include POSCO, Hyundai Glovis, Samsung SDS, and most recently, LX pantos, now the 6th largest global ocean freight forwarder by ocean TEU.
Over 1,000 companies from 40 countries are presently using the free trial version of SeaVantage’s visibility platform.
SeaVantage initially attracted angel investment from Lindman Asia Investment at the time of its establishment in May 2018 and was later selected as TIPS by the Ministry of SMEs and Startups, and attracted a seed investment from Bluepoint Partners in 2020. This latest funding investment increases the company’s value by 130%.