

Swedish AI company Cetasol has raised €2.3m ($2.7m) in a seed funding round to scale its AI-driven decision support and digital twin technology to reduce fuel use for ships.
The investment was co-led by BackingMinds and Shift4Good, with ongoing support from existing investor Sarsia.
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Cetasol’s primary product, iHelm, is designed to collect data from vessels and uses the company’s digital twin technology for both vessel and engine.
The system processes information through edge computing and provides the captain with real-time recommendations for fuel savings.
The operational data is then transmitted to a cloud-based dashboard. This allows users to access real-time and historical performance metrics, address maintenance needs proactively, and track compliance requirements, stated the company.
BackingMinds CFO and investment director Niclas Wijkstrom said: “Cetasol is tackling one of the maritime industry’s biggest blind spots.
“While most solutions target the largest vessels, nearly 90% of the global fleet consists of small- and medium-sized ships that are underserved and often lack access to affordable optimisation tools.”
According to Cetasol, most innovation and investment have targeted electrification and large vessels. Small and mid-sized vessels represent nearly 90% of the global fleet and present an opportunity for rapid and scalable reductions in emissions, noted the company.
The iHelm AI platform is designed to optimise fuel consumption and operational performance for these vessels, with estimated fuel savings ranging from 10% to 25%.
Cetasol CEO and founder Ethan Faghani said: “This investment confirms that our approach to AI-driven decision support and maritime sustainability is both needed and trusted.
“With this support, we are scaling faster and wider — delivering intelligent solutions to maritime operations globally.”
Following this investment, Cetasol intends to increase its commercial reach in the maritime industry by expanding its presence in key markets and extending partnerships.
The company plans further development of its technology platform as it seeks broader implementation of AI-based decision support for the optimisation of energy use and emissions reduction.
Cetasol also aims to provide solutions that respond to industry requirements for data-driven operations and sustainability measures.