Shipping companies are under pressure to make their vessels more fuel-efficient and environmentally friendly, spurring demand for Neptune’s services. The six-year-old startup’s 500-kilogram robots scour a ship’s hull, getting rid of barnacles, algae and other organisms that add weight and hinder its speed.
Neptune Robotics, which makes robots that clean the underside of giant ships, raised US$52 million to accelerate its artificial intelligence-fueled global expansion.
The funding round is a step toward a planned initial public offering in the US as soon as 2027, Chief Executive Officer Elizabeth Chan said in an interview. It will help the Singapore-based company expand its reach to as many as 30 countries as it targets the world’s biggest container-ship fleets.
