Arlington, Virginia-based startup Quartermaster in May closed a $43 million Series A around its idea of using weather-hardened sensors to capture data and generate insights about maritime activity.
Founder and CEO Neil Sobin said the round was preempted by software-focused venture firm Insight Partners, and the interest in what Quartermaster is building was helped by the war in Iran and the shipping disruption it’s caused.
About $100 million of the Series B came from Insight and new investor, defense-focused firm Overmatch Ventures, as well as existing backers like First Round Capital. The remaining $40 million came in the form of a debt facility from investment bank Stifel.
Quartermaster’s hardware, which it calls “SmartMast,” is a setup. The startup integrates cameras and radios into a package that’s mounted on a ship’s mast, and can capture and relay real-time maritime data.
Everything from helping ships avoid collisions, to better understanding congestion in shipping lanes, to rescuing lost mariners is on the table. Sobin said each SmartMast records tens of gigabytes per day, and the startup and its customers are still finding new uses for the data being captured.
Sobin said the startup spends a lot of time engaging with people across the maritime industry to find out what they want out of this technology.
More than 650 vessels are now equipped with SmartMast in 25 countries, Sobin said, and the startup has shipped over 800 to customers.
Quartermaster has had to hustle to keep up with demand, Sobin said.
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