Startup Hefring Marine raises €2.2 million in Portugal expansion plan

The Icelandic marine technology startup Hefring Marine has raised €2.2 million in an investment round led by Faber to support its expansion plan to open an office in Portugal.

The funding will also be used to expand its presence to other markets and finance IMAS System developments.

Lisbon-based venture capital company Faber, which supported now highly successful companies such as Unbabel, Seedrs, and Enjoy HQ, was joined by investors such as Innoport VC, Two Ravens, MD-One, Riverstone Ventures, Idlewild Management LLC and Sukna Holdings.

Hefring Marine is an Icelandic data-driven marine deep-tech company leveraging Machine Learning and Internet of Things (IoT).

Its hardware-enabled Software-as-a-Service (SaaS) solution provides vessel operators and control systems with decision-making support and monitoring insights for improved safety, fuel efficiency and maintenance planning.

The startup’s team has backgrounds in software development, mechanical and electrical engineering, condition and vibration monitoring, and Machine Learning and Artificial Intelligence, as well as boat building and design, business development and strategy, sales and marketing, and product and service development.

The company’s ambition is to be the leading provider of data-driven solutions that empower the intelligent future fleet to be safer, more efficient and more capable of autonomous decision-making.

It operates in various maritime industry segments such as search and rescue, defence, crew transfer, fishing, piloting, and tourism and leisure.