Syroco closes financing round of 3 million euros to decarbonize maritime transportation

Marseille, June 5, 2023 - Syroco, the Climate Tech startup that supports the energy transition of maritime transportation, has announced a successful funding round of 3 million euros. The funds will be used to accelerate the development of Syroco EfficientShip, the digital twin based simulation platform for improving the energy efficiency of ships.

This financing round will enable Syroco to strengthen its research and development and go-to-market capacity, confirming its tech startup DNA. Launched in 2019 to support the energy transition of maritime transportation, the company was co-founded by Alex Caizergues, a multiple kitespeed world champion. Following a rewarding career as an athlete, he set off with his co-founders to embrace breakthrough technological innovation and daring projects as the foundation of their entrepreneurial approach.

“We are thrilled to have closed this financing round, carried out with Family Offices and Business Angels who support the development of impactful solutions for the energy transition. This funding will allow us to further the development of Syroco EfficientShip to better meet the demands of our customers, but also to reach new markets, particularly in Northern Europe, Southern Europe and Asia - regions with high potential and where the awareness for disrupting solutions is particularly strong,” said Alex Caizergues, CEO and co-founder of Syroco.

Syroco EfficientShip

Syroco EfficientShip is a decision support platform, used by shipping companies, fleet managers and cargo owners to model, evaluate and optimize the efficiency and impact of ships.

At the core of the platform, a digital twin is a virtual representation of a real-world ship. Based on physics and augmented with operational data, using artificial intelligence, the digital twin assembles accurate models that reproduce the behavior of each component of the ship and her propulsion systems. By running scenario simulations and optimizing vessel settings and routing, EfficientShip provides operators with recommendations to reduce energy consumption and greenhouse gas emissions.

“Deployed on board, Syroco EfficientShip makes it possible to optimize the operation of the ship, generating savings in fuel and emissions of up to 10%-20%. This reduction represents an important step towards the sobriety targets set by the industry, but also towards compliance with the constraints imposed by regulators (CII, EU ETS, etc.),” confirmed Alex Caizergues.