2023: A year of robust growth

2023: A year of robust growth

As we come to the end of 2023, we are happy to look back at the exceptional progress we have made this year. The Orca AI team has come a long way in the three years since our platform was commercially launched. We see that the maritime industry is more and more open to embracing innovative technologies amid the trend toward automation of navigation and other aspects of vessel operations. This increasing open-mindedness to digitalization and automation will surely impact crew and vessel performance in 2024, while also helping to make our oceans safer and shipping more sustainable. 

Here are the major milestones we have achieved in the past 12 months: 

Strong business growth 

In 2023, we underwent a hyper-growth phase, experiencing a 6X increase in Contracted Annual Recurring Revenue (CARR) and a 3X increase in Live Annual Recurring Revenue (Live ARR). This remarkable growth was driven by the strong momentum of new customers; 80% of customers expanded Orca AI across their fleet; and there was zero customer churn. As a result, our Net Revenue Retention (NRR) reached an impressive 250%.

694 vessels have been booked with Orca AI, representing a six-fold increase over last year, of which 245 have already been installed . We also accommodated nine customer expansions, including NYK, Maran dry, TMS Tankers, TMS Gas and Enesel. Four of which were full fleet rollouts.

Continuing the drive towards autonomous navigation   

In August we announced our participation in the second phase of the MEGURI2040 project in Japan in collaboration with NYK Group. The aim of the project is to mature the required technology and operational framework to enable autonomous shipping by 2025. Our platform will be installed on various new build vessels including cargo ships and ferries.

By participating in this and other initiatives we are laying the foundations for autonomous fleet operations in the future.

Expanding into new markets

Also during the summer Orca AI entered into a strategic worldwide distribution deal for its platform with Marubeni Corp, one of Japan’s biggest trading companies and a comprehensive provider of shipping services. Installing the technology on Marubeni’s own vessels will provide us with further valuable use-case insights.  

First Navy deal signed

In December, we secured an important first contract with a prominent navy, demonstrating the relevance of our technology for the military and marine sector. The Orca AI platform will provide automated digital watchkeeping capabilities that address critical challenges in high-risk regions, including threat mitigation from diverse threats such as piracy, terrorism and airborne/marine drones. The platform empowers personnel to anticipate and counteract these risks, bolstering vessel security while protecting crews and sensitive cargo. 

Launch of latest version of SeaPod lookout unit

After a long development effort, in 2023 we released the next generation of the SeaPod digital watchkeeper unit, a result of four years of accumulated experience. The unit features eight highly sensitive cameras providing unmatched field-of-view (FOV) and enhanced target detection, all wrapped up in a lightweight, durable construction. The unit has a 225° field of view, and acts as an automated watchkeeper.  

Outlook for 2024

As we move towards 2024, Orca AI remains unwavering in our mission to provide unmatched excellence in both our product and service to our global customer base. Our dedicated team is driven by a shared vision to empower shipping with data-driven technologies and the automation needed for navigating the safest voyages with the most efficient operations. 

The rapid evolution of broadband connectivity plays in our favor, opening opportunities to shipping companies to leverage AI and other advanced technologies to make their fleets smarter and promote  strategic decision making, similar to market leaders in other industries. This transformational time in the maritime industry presents an opportunity for us to lead the charge towards a more sustainable  shipping future, and we look forward to continuing to do so in the year ahead.