FrontM raises $1.5mn in pre-Series A funding
In a pre-Series A round led by Jenson Funding Partners, Tradeworks.vc, Motion Ventures and a syndicate of Mar-Tech investors, FrontM which is a software company catered to the maritime industry has raised $1.5mn to fund its early-stage expansion. The business centres around a super-app and low-code developer framework that encompasses ship tracking, remote assistance, telehealth and video-conferencing. It is at the forefront of the digitalisation process for ship operations, and the additional funding will allow FrontM to solve connectivity challenges that ship operators face while on the move in remote and low bandwidth locations.
“Since our Covid-pivot, we evolved our maritime-focused product roadmap and completed a range of initial rollouts,” said FrontM co-founder and CEO Kiran Venkatesh. The renewed backing of eminent maritime investors come at an opportune time when businesses are in need of a platform that facilitates global transport and productivity. As the world experiences an inflexion point with Artificial Intelligence (AI) with the launch of ChatGPT and now GPT4.0, the utilisation of edge computing and AI technology to maximise the value of existing bandwidth provided by satellite connections will have ripple effects on the industry in terms of leveraging on the newest technology.
Connecting over 500 ships with over 20 blue-chip network providers worldwide, the UK-based start-up plans to accelerate its operations with the new wave of funding. From the perspective of investors, the business fits their investment thesis. According to CEO of Tradeworks.vc, “the multi-sided business model benefits from significant network effects, allowing FrontM to scale rapidly and increase the scope of its value proposition over time”.
Moving forward, we are likely to see breakthrough changes in a traditional industry like the maritime sector. Clean energy and AI will reduce emissions and improve the efficiency of maritime operations. A business like FrontM will play an increasingly important role in the future of maritime, as the world navigates a complex geopolitical environment and benefits from strong cybersecurity networks.