Singapore Based Maritime Startup Ascenz Successfully Raises $482,000 Thanks to Red Dot Ventures

By: Jeff Stewart  |   December 28th, 2012   |   Business, News

Different start-ups are working on different technologies daily, but there are quite a few that have introduced technology for the shipping industry. One such startup is Ascenz that has a base in awesome Singapore and has been doing pretty well for itself since its inception. Things have gotten even better for the startup, as the firm recently concluded a funding round in which this maritime startup has successfully raised $482,000 funds from Red Dot Ventures, a technology incubator.

 

These fresh funds will help the Ascenz company focus on China in order to further boost their business by entering into a big market space. The Managing Director of Red Dot Ventures shared that in spite of having near about 70 percent of its clientele in Singapore, Ascenz is expected to widen its base of customers by focusing on China because the majority of the ships that are built in this particular region are build in this particular country.

 

Apart from China, Ascenz will also look to concentrate on other markets as well, which includes both the Middle East and Europe, in order to further develop their business.

 

Ascenz has been offering its services to maritime companies from 2008 when its founders, Chia Yoong Hui and Sia Teck Chong established it to supply remote monitoring systems to shipping companies, which enables them to keep a track of bunkering and consumption of fuel.

 

The patented software system of the company allows a control office onshore to monitor the moving ships by transmitting data to them in real-time, so Ascenz’s clients can keep an eye on the usage of fuel at all times. This monitoring software system of Ascenz also serves as a locating tool because it also sends backs information to control office at ground about the current location and engines of the ship.

Source: TechCrunch