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Innoport n Claritecs

Bunkering digital solutions start-up Claritecs raises $600,000 in funding

Singapore bunkering solutions start-up Claritecs has secured $600,000 in funding from Bernhard Schulte venture capital arm INNOPORT and another unidentified angel investor.

One of the more prominent maritime start-ups in Singapore Claritecs is developing digital solutions to tackle pain points in the fuel supply chain in the world’s largest bunkering port. The company has now successfully secured SGD850,000 ($600,000) in pre-Series A funding from INNOPORT and another investor from the maritime industry in Singapore.

The investment round will support product development and roll-out for Claritecs.

Haymon Sinapius, investment manager for Asia of INNOPORT, commented: “Claritecs impressed us with their keen sense of identifying pain points faced by the bunkering industry and addressing them with holistic digital solutions based on their strong domain knowledge.

“Within this short period, their flagship development BunkerMaestro has evolved from a proof of concept to a very comprehensive scheduling platform to handle bunker fleet optimisation and the complexities of multiple grades of marine fuels required by ships to meet the IMO 2020 sulphur cap regulation.”

Wong Hong Lee, ceo of Claritecs, said: “Besides BunkerMaestro, we have developed Auto Profiling, a tool for quick diagnostics of mass flowmeter bunkering data, which will hit the market concurrently. We have garnered strong market validation from many companies within the entire bunker supply chain who are confident that our solutions will address many archaic work processes still being used today.”

Claritecs now aims to raise its Series A funding Q1 2020 to support its international expansion.

“New product innovation is a key area of focus for Claritecs. We are currently in talks with like-minded partners for possible collaborations so that we can assist our clients in their digital transformation journey,” Wong said.