Asia/Pacific News
Singapore Firm Gets New Funding for Fuel Monitoring, Bunkering Systems
Ascenz, a Singapore supplier of fuel monitoring and bunkering systems, has received a new injection of venture capital, Singapore business news site The Business Times reports.
The amount of the equity investment from BW Ventures' Green Marine Capital (GMC) was not disclosed but is "quite significant," according to Leslie Loh, managing director of Red Dot Ventures, a startup incubator that helped Ascenz get its start.
Red Dot Ventures gave the company $590,000 in seed funding one year ago.
GMC invests in businesses with products or services that are likely to be useful for the maritime sector in the near future.
Ascenz makes solutions to allow for the remote monitoring of shipboard equipment, along with the real-time flow rate of fuel, bunker remaining on board, and ship position, allowing for better management decisions, according to its website.
Emerson Process Management said last year that it was working with Ascenz on a remote fuel consumption and bunker monitoring system to help ship operators manage their fuel costs.
