Maritime insurance start-up Ceto has raised $4.8m (£3.6m) in a funding round led by Dynamo Ventures. 

The investment round also saw participation from existing investors Howden Ventures, Signal Ventures and Motion Ventures. 

The company plans to use the funding to expand product offerings and strengthen its team for international customer base growth.  

It is currently increasing capacity engineering, operations and sales departments. 

Ceto CEO and founder Tony Hildrew said: “At Ceto, we aim to unite the power of AI with the indispensable human expertise at the heart of maritime. This kind of technology plays a critical role in identifying risk and improving decision-making, ushering in a smarter era for shipping and finance.” 

Ceto’s platform captures and analyses data from commercial ships to assist in improving insurance risk assessment, reducing the likelihood of machinery failures, and increasing fuel efficiency.  

The insights generated are accessible via an integrated dashboard provided by the company. 

Ceto’s clientele include a Japanese shipping company, a mid-sized operation based in Singapore and a UK owner with a fleet of eight vessels. 

The start-up has appointed a new chief underwriting officer, Bob Clarkson, who has more than 30 years of experience in the field of marine insurance.  

Clarkson’s background includes roles in underwriting, claims management, and as an insurance manager within shipowners’ offices. 

The products include Watchkeeper, which utilises AI to track ships in real time, identify potential issues and help fleets run “safely”.  

Another product, CarbonID, focuses on emissions and fuel tracking to help ships comply with environmental regulations, while also aiming to reduce costs and “pollution using AI”.  

Additionally, Connected Insurance is a product that connects a ship’s performance data with its insurance coverage.