The funding secured will be used to augment Signol’s resource in core differentiating competencies in behavioural science and also bolster data science and software engineering capabilities as the company seeks to expand the use of machine learning and AI. Signol will also grow its business development and sales teams to meet escalating cross-sector demand for its decarbonisation solution.
Rory Scott Russell, Head of Venture Capital at East Innovate said: “Changing behaviours is hard to do, but when it comes to the careful use of precious resources, making better choices is incredibly important. Signol have shown that in some of the hardest to decarbonise sectors, like shipping and air transport, their software can make an immediate and significant impact on how energy is used”. In turn, Niklas Koerner, Investment Manager at Innoport, flagged the “ease of implementation and low cost of the Signol solution in addition to its anticipated positive impact on workforce retention” as key drivers behind their continued commitment to Signol.
Signol continues to deliver credible proof points (including projects with Virgin Atlantic Airways and Bernhard Schulte Shipmanagement Deutschland) for the potential of behavioural intervention in industrial use cases, most recently releasing the results of a pilot completed with Young Brothers Hawai’i. To date, Signol has saved customers a total of $16M in fuel costs corresponding to 60,000 MT of CO2.
“This is a really exciting chapter for Signol. We have a rapidly growing customer base, a scalable technology infrastructure harnessing cutting-edge behavioural and data science and an extremely capable team backed by committed specialist shipping and transportation technology investors,” said Michael Fanning, CEO at Signol.
About Signol
Signol is a London-based workforce nudge tech software company deploying cutting-edge behaviour change techniques through a scalable technology platform. Today, Signol is focused on motivating decision-making that reduces fuel consumption and CO2 emissions in the aviation and maritime industries.
By the end of 2022, Signol saved aviation and shipping customers $16 million in fuel costs and 60,000 mt of CO2 emissions. Signol proved the potential impact of behavioural intervention by completing landmark trials with customers such as Virgin Atlantic Airways and Bernhard Schulte Shipmanagement and continues to engage and motivate a growing number of operators to implement efficient behaviours that reduce fuel costs and carbon emissions.
www.signol.io
About East Innovate
East Innovate is a London-based venture capital firm that invests in early-stage businesses developing advanced technologies in resource and energy systems. It is the venture capital arm of East Alpha, a quantitative commodity technology and research company.
We look for early-stage companies working in three focus areas: 1) Electrification and Future Commodities, 2) Energy Efficiency, Waste and the Circular Economy, and 3) Supply Chains, Markets & Information Systems. Within these focus areas, we invest in companies with breakthrough products that have the potential to rapidly grow high-value, long-lasting positions in growing international markets while providing material and positive impacts to multiple sustainable development goals.
www.eastalpha.co
About Innoport
Innoport is the venture capital unit of the Schulte Group that identifies investment opportunities in start-ups from the global maritime and the logistics sector and equips entrepreneurs with smart capital. The Innoport team works globally to build up a diversified investment portfolio of innovative and high-potential seed-stage start-ups across Asia and Europe and supports Schulte Group business units in their technological transformation. They work with founders from the discovery stage up to successful exit, promoting the portfolio companies to a wider network within the Schulte Group.
www.innoport.vc
