Signol, a London-based sustainability startup that uses behavioural science to decarbonise hard-to-abate industries, has secured £2.5m (€2.96m) in a seed expansion round of funding led by New York-based VC firm TMV.
Headquartered in the UK, the company’s technology-led services focus on engaging people in challenging emissions-reduction industries to maximise emissions reduction opportunities through their day-to-day work.
Investors supporting Signol
In addition to TMV, the round was also participated by global ship operator Ultranav, MOL PLUS (the venture arm of Mitsui OSK Lines, Ltd.), and London-based East Innovate, which led and reinvested in Signol’s previous funding round.
“It is important to invest in solutions that can have an immediate impact on improving the sustainability and efficiency of existing industries such as transportation,” said Marina Hajipateras, co-founder and general partner of TMV.
“There is always a human element to transforming an industry, especially in the maritime industry, which is worth over $152 billion and represents 90% of the way goods are transported. Signol harnesses the true power of people to transform operational behavior and culture into more sustainable practices.”
“We believe this approach can be extended beyond aviation and shipping to a number of other verticals, and will make a compelling investment case, especially given Signol’s plans to explore how AI can help individuals perform their jobs as efficiently and effectively as possible,” Hajipateras said.
“This use of AI will maximize human decision-making potential and increase the value of human labor.”
Capital Utilization
With this funding, Signol plans to improve its solution and expand its presence in the aviation and shipping industries. It will also launch a proof of concept (POC) in the corporate travel sector, aiming to reduce avoidable emissions from business travel through behavioral change.
“Securing investment from industry-leading companies like Ultranav and MOL is a huge endorsement of our human-centric approach to the maritime industry as a key lever in the company’s sustainability strategy,” said Michael Fanning, Signol’s CEO.
“The addition of Marina Hajipateras and Per Lange to the Signol Board is another great benefit. They bring a wealth of investment and industry experience, along with a great passion for Signol’s purpose, which I am confident will help accelerate Signol’s growth and impact.”
A brief introduction to Signalol
Signol is a sustainability-focused behavior change service targeting the maritime and aviation sectors. Using advanced data and behavioral science, Signol motivates employees to make more sustainable decisions.
A scalable communications platform applies behavior change techniques to lower the barriers that prevent crews from saving fuel.
The company has already helped customers in the aviation and shipping industries save $25 million in fuel costs and reduce CO2 emissions by 100,000 tons by optimizing human decision-making. The result is fuel savings of up to 1% in aviation and 12% in shipping, all without any technical or physical modifications to ships or aircraft.
“Ultranav is delighted to support Signol’s efforts to ensure that the transport industry does not overlook the power of its human capital as it addresses the urgent need for decarbonisation,” added Per Lange, CEO of Ultranav.
“Having worked at sea for over 40 years, I have seen first-hand that it is not always easy to properly engage seafarers in efficiency initiatives without increasing their workload and mental stress.
“With a strong foundation in behavioural science, Signol’s solutions enable crews to maximise their contribution to sustainability goals while improving the everyday experience of this vital workforce at sea.”