Sea, a company born as technology spin-off from Clarksons Group, announces it will integrate Spot Ship’s AI email parser solution into its platform to automate the vessel and cargo matching process rather than having to manually extract the information from many thousands of emails.
Peter Schroder, CEO at Sea, commented, “Inboxes overloaded with updates and communications when matching cargo to vessels, and hours are spent creating and maintaining intelligence lists to capture these insights. Through our collaboration with Spot Ship we’re not just giving those hours back to our customers, we’re also equipping them with the tools they need to make data-driven decisions.
The data from Spot Ship will power decision making such as the commercial availability of relevant vessels, fleet tracking, and live market information.
“The automation of previously manual processes around vessel and cargo matching will save precious hours, drive operational efficiencies, and deliver additional insights that can support market competitiveness for Sea’s customers as we sail together into the data age,” said James Kellett, Co-CEO and Co-Founder of Spot Ship.
The deal sees Spot Ship providing a similar API to one under a data partnership with Sedna announced in July this year.
Speaking to Seatrade Maritime News Kellett says the deal with Sedna has sparked a lot of interest in using parts of the technology that Spot Ship developed for its own broker platform.
The attraction according to Kellett of Spot Ship’s AI email parser solution is its accuracy. This was something highlighted by Sea CEO Schroder, who said, “Spot Ship has market leading parser accuracy, which makes them the perfect partner for our work to digitise freight chartering workflows.”
While other similar systems have been able to reach around 90% accuracy he says they have “done much better than that” delivering a level of 95% plus accuracy which he believes is necessary for the software to be effective.
The deals with Sea and Sedna see Spot Ship shifting from a model of solely selling its own off-the-shelf broker solution to also being a technology partner for some of the big players in the industry that have developed their own platforms.
Spot Ship is meanwhile continuing to raise capital to further its technology R&D. The company has just come to the end of a third round of fund raising and according to Kellett is lining up a fourth round, some 10 times larger, for around the end of the year. He said they have already found partners for the fourth round of funding.