Maritime tech startup raises $4.8m in funding

Newcastle firm Ceto aims to transform how maritime insurance is managed

- COREENA FORD Business writer [e-mail]

NEWCASTLE data analytics company Ceto has raised $4.8m in a seed funding round to drive forward its platform which aims to transform maritime insurance and operations.

The insurance technology startup named after the ancient greek sea goddess Ceto was launched five years ago by Tony Hildrew, who worked on commercial ships and superyachts as a chief engineer and as land-based vessel manager before founding the business.

The Hoults Yard-based business currently has eight full-time employees, 70 per cent of whom are software engineers, but a multi-million-pound funding round, led by Tennessee-based Dynamo Ventures, will create six full-time jobs in the next couple of months, with more to come longer term.

The Ceto platform works by supplying data analytics to improve shipping industry processes, by capturing and analysing data to predict machinery breakdowns at sea.