MONTRÉAL and HALIFAX, NS, Aug. 28, 2024 /PRNewswire/ -- Global Spatial Technology Solutions ("GSTS" or "the Company"), a leader in maritime innovation, announced that it has closed a CAD $11M Series A funding round from lead investor, Fonds de solidarité FTQ, along with Export Development Corporation (EDC).
With this strategic investment, GSTS is well positioned to accelerate the international commercialization of its proprietary AI powered platform, OCIANA®, with near term expansion in the EMEA and APAC regions. OCIANA® provides operational optimisation, risk and compliance management solutions across the maritime industry with multiple applications in commercial, civil and defence segments. The next phase includes an extension of the OCIANA® solution suite based on market needs for digitalization, climate change, sustainability and energy initiatives. This investment will also enable the expansion of GSTS' commercial and artificial intelligence teams to respond to current market demands for OCIANA®.
"This funding is a strong endorsement from a highly recognized institutional investor upon completion of a detailed market assessment and an independent validation that OCIANA® will be pivotal in facilitating upcoming maritime industry requirements," said Richard Kolacz, GSTS CEO. "GSTS will extend its presence and innovation in international regions and augment its development and delivery of novel solutions enabled by new data sources with AI powered intelligence to solve the world's most critical supply chain and climate challenges."
"The Fonds is proud to support a company who develops innovative solutions to enable maritime industry stakeholders to optimize their supply chain. The potential fuel savings will also contribute to the reduction of greenhouse gases in the maritime sector," explains Geneviève Guertin, Vice-President, Private Equity and Impact Investing - Energy, Environment and Technologies at the Fonds de solidarité FTQ.
Clariti Strategic Advisors Inc. ("Clariti"), a Toronto-based strategic and financial advisory firm, acted as GSTS' exclusive strategic and financial advisor.
The maritime sector is undergoing a significant, digital transformation to enhance collaboration and promote sustainability by reducing fuel consumption, improving logistics resilience and enhancing security in a period of profound change due to dynamic environmental, geo-political, and market driven challenges. The maritime vessel management market is expected to grow from USD $5.8B in 2022 to USD $8.7B by 2027 with a CAGR of 8.4% during the forecast period.1
About Global Spatial Technology Solutions (GSTS)
Global Spatial Technology Solutions (GSTS) is a global maritime intelligence company delivering solutions to enhance decision making across the maritime and logistics industry. Our predictive solutions in OCIANA® are enabled by a range of operational, environmental, vessel and cargo data to provide real-time decision-making intelligence for ports, terminal operators, shipping lines, logistics companies, importers, exporters, national and international agencies as well as security organisations.
For more information and to explore opportunities to partner with GSTS, contact us today.
Media Contacts:
Danica Martis
Director of Marketing & Communications, GSTS
danica.martis@gsts.ca
Patrick McQuilken
Senior Advisor – Media Relations
Fonds de solidarité FTQ
514 703-5587
pmcquilken@fondsftq.com
1Vessel Traffic Management Market Trends & Growth Drivers: MarketsandMarketsTM. MarketsandMarkets. (n.d.). https://www.marketsandmarkets.com/Market-Reports/vessel-traffic-management-market-226816165.html
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