Quartermaster raises $140 million for shipboard maritime data system
The funding comes alongside increased manufacturing capacity, giving the company room to supply more ships.
Quartermaster, which equips ships with maritime data hardware, has raised $140 million in a Series B following a $43 million Series A in May. Insight Partners and Overmatch Ventures joined existing investor First Round Capital in a roughly $100 million equity portion; Stifel supplied another $40 million as debt. SmartMast installs cameras and radios on vessel masts to capture and relay live maritime data. CEO Neil Sobin says more than 650 vessels in 25 countries have the system, and Quartermaster has delivered over 800 units, with fleetwide deployments starting soon. The company has doubled its manufacturing capacity to keep pace with demand.
Why it matters
For ship operators, wider deployment could make onboard collection and transmission of maritime data available across more vessels. Quartermaster’s increased manufacturing capacity gives it more room to supply additional ships, though the facts do not say how quickly that expansion will happen.
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Sources
- TechCrunch