SeaVantage Secures $2.3 Million Strategic Investment from HD Hyundai Marine Solution

FOR IMMEDIATE RELEASE

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SEOUL, SOUTH KOREA, July 11, 2024 – SeaVantage, a fast-growing startup specializing in advanced maritime data analytics, today announced a strategic investment of $2.3 million (3 billion won) from HD Hyundai Marine Solution, a standalone company focused on engineering services within HD Hyundai (previously known as Hyundai Heavy Industries group). This partnership marks a significant step for both organizations, poised to revolutionize visibility and sustainability in the maritime industry through advanced AI and big data technologies.

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Key Highlights:

• $2.3 million strategic investment to accelerate SeaVantage's technology development and business expansion
• Partnership aims to enhance AI-driven solutions in maritime logistics and promote sustainable shipping practices
• Improved services for customers, including enhanced extended visibility for shipment tracking, ports, terminals, and rail. 

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Significance of the Partnership 

This strategic investment partnership underscores a shared vision of driving innovation and sustainability in maritime operations. By leveraging this investment fund and HD Hyundai's extensive resources and industry expertise, SeaVantage will accelerate the development and deployment of new and innovative solutions. The collaboration with HD Hyundai Marine Solution is set to propel SeaVantage to the forefront of maritime technology, enabling it to deliver more robust solutions and expand its market presence.

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Value Proposition for Both Companies 

For SeaVantage, this partnership brings an influx of capital that will fuel research and development, enhance product offerings, and expand its talented workforce. The alliance with HD Hyundai not only validates SeaVantage's innovative approach but also provides access to a vast network of industry connections and market opportunities. SeaVantage will leverage this investment to enhance its AI and big data capabilities while providing HD Hyundai Marine Solution with its advanced maritime analytics to drive sustainability initiatives.

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Benefits for Customers 

Customers of SeaVantage will experience a host of benefits from this partnership. Enhanced data accuracy & predictive insights, and extended visibility for container shipments end-to-end, are just a few of the advantages that will directly impact their bottom line. The partnership will also focus on increasing the usability and accessibility of SeaVantage's SVMP (SeaVantage Maritime Platform) for a wider range of maritime industry stakeholders.

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Executive Quotes 

Hyungjin Song, CEO of SeaVantage, stated: "This strategic $2.3 million investment from HD Hyundai Marine Solution is a testament to the strength of our technology and vision. It will empower us to further enhance our technological capabilities and drive the development of a more sustainable shipping logistics industry."

Ki Dong Lee, CEO & President of HD Hyundai Marine Solution, commented: "Through this investment, we plan on strengthening our strategic partnership with SeaVantage. We look forward to enhancing the competitiveness of our AI-based solutions and improving customer experience by leveraging SeaVantage's expertise."

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About SeaVantage 

Founded in 2018, SeaVantage is at the forefront of maritime logistics innovation. Its flagship product, SVMP (SeaVantage Maritime Platform), utilizes AI and big data technology to provide unparalleled solutions in shipping logistics tracking and visualization. The company provides services such as real-time cargo and vessel tracking, port congestion analysis, and monitors the destination and arrival of more than 400,000 ships around the world. 

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About HD Hyundai Marine Solution 

HD Hyundai Marine Solution was established in 2016 as a standalone company focused on engineering services within HD Hyundai. The establishment involved consolidating various divisions such as Shipbuilding, Engine & Machinery, Electric Systems, and other facilities that had operated independently within HD Hyundai (previously known as Hyundai Heavy Industries group) since its inception in 1972.

In 2023, HD HMS embarked on a new phase under the banner of HD Hyundai, building upon over 50 years of illustrious history. Leveraging our extensive expertise, we continuously innovate new models for warranty and other business ventures rooted in HD Hyundai's rich legacy of knowledge and experience. In light of regulations aimed at reducing greenhouse gas emissions, HD HMS is providing top-notch eco-friendly retrofit solutions and actively delivering real-time smart services to meet these environmental standards.

As a member of HD Hyundai, HD HMS is aligning itself with HD Hyundai's ambition to become 'the world's premier shipbuilder and marine engine manufacturer,' striving for innovation and fostering synergy within the group.

HD Hyundai Marine Solution, part of HD Hyundai, officially launched its IPO on May 8, 2024, making a strong debut on the Korea Exchange.

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For more information: hello@seavantage.com

For more information on SeaVantage: www.seavantage.com