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MarineLabs Makes a Splash with $4.5 Million Seed Funding



Friday, April 19th, 2024

 

Ocean safety is a critical concern for port operators, vessel pilots, and coastal engineers. Victoria-based ocean tech startup MarineLabs is on a mission to address this concern by providing real-time wind, wave, and weather data. In March 2024, the company closed a $4.5-million seed funding round, led by BDC Capital’s Sustainability Venture Fund with participation from Seaspan Shipyards.


Founded in 2017 by CEO Scott Beatty, MarineLabs is a costal intelligence startup that offers hardware and software to provide real-time data to port operators, vessel pilots, and coastal engineers. Specifically, MarineLabs’ products record wind, wave, and weather data. The startup’s flagship product, CoastAware, collects data from a sensor network deployed across North America and uses artificial intelligence to forecast and model weather. The startup also offers a buoy camera, which offers a 360-degree view of weather conditions in remote coastal locations.


MarineLabs’ technology has already made significant contributions to ocean safety. In 2020, the startup recorded an extreme rogue wave measuring 58 feet off the coast of Vancouver Island, near Ucluelet, B.C. Rogue waves, also known as freak or killer waves, have heights more than double that of surrounding waves. According to a Scientific Reports study, the Ucluelet wave is the most extreme rogue wave ever recorded. MarineLabs also aims to protect coastal environments vulnerable to sea-level rise, erosion, and storms.


MarineLabs has been profitable for two years, demonstrating the viability of its business model. With the recent seed funding, the startup plans to accelerate product development and expand its market reach. 


Author: Olivia Oliveros Leiva, 2023/2024 Articling Student-at-Law

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