Seoul - December 30, 2022 - SeaVantage, a fast-growing South Korean-based startup in real-time ocean supply chain visibility has raised $1.3 million from We Ventures, IBK Capital, Lindeman Asia Investment, and BDC Labs. 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.
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 1000 companies from 40 countries are presently using the free trial version of SeaVantage's visibility platform.
"For years, we struggled to access ocean carrier data to provide our customers with accurate shipment visibility. Working with SeaVantage has allowed us to access multiple carrier data on a single platform, as well as predicted visibility - meaning we are able to inform our customers in advance of unforeseen delays and disruptions of their shipment." said a representative from Hyundai Glovis.
Plans for New Fund
The new funding will go toward the continued global expansion of SeaVantage's ocean visibility platform, as well as 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.
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%.
Investors: We Ventures, Bluepoint Partners, IBK Capital, Lindeman Asia Investment, BDC Labs.
Founded in 2018, SeaVantage is a fast-growing start-up helping companies transform their ocean supply chain with real-time and predictive visibility solutions.
Leveraging the power of our predictive analytics and advanced visibility platform, we are able to help companies proactively manage and respond to unforeseen disruptions in their ocean transport through our solutions; cargo insight, port insight, and ship insight.
Our maritime network covers over 30+ shipping lines, 300,0000+ vessels, and 4000+ seaports. We are constantly expanding our visibility network every day, and continually improving the accuracy of our prediction-based analytics.