Companies having a specific percentage of foreign ownership have trouble meeting government demand for their products. They must spend a lot of money on operations and legal fees to address FOCI security concerns. Federal spending accounts for an annual average of roughly 37% of GDP (United States Government Spending to GDP, 2021), making it impossible for startups to ignore the Federal market. To fulfill mission requirements and keep up with nation-state adversaries, the Government must deploy cutting-edge technologies more quickly. Bearing is located at the intersection of the two, assisting startups to rapidly and affordably enter the Federal Market while helping the Government to obtain technology that is urgently required by cutting-edge businesses.
Bearing.ai was created in June 2019 and is headquartered in Palo Alto, California, in the heart of Silicon Valley. Every vessel in the maritime shipping sector will need to have its Carbon Intensity Indicator (CII) scores accurately predicted which would allow shipping companies to assess their risks, raise their ratings, and make well-informed business decisions about how the regulations will affect them. The system by Bearing claims to do exactly that by collecting and analyzing data from many sources using artificial intelligence (AI) to offer practical insights for fuel savings, the best route, and vessel performance.
The company also claims that it can help its clients in the following ways:
- Manage the increasing complexity of the switch to green shipping
- To comply with rules, simulate, monitor, and forecast emissions
- Save time, and compared to hand calculations, increase accuracy.
- Utilize a user-friendly platform and attractive visualizations to make decisions with confidence.
No hardware, integrations, code, or process modifications are necessary to get started. Bearing’s technology claims to use significant real-world data to provide the most precise ship performance models available in the market. Improved ship performance models translate into improved Performance Analysis, CII Optimization, and eventually improved insights that influence better decisions.
Bearing also claims to combine cutting-edge AI skills, years of constructing extensive data-driven systems, and in-depth knowledge of the shipping sector. With a sole focus on assisting businesses with managing this transition to green shipping, the startup claims that the consumer will have the best of Silicon Valley at its disposal. Effective shipping can, however, prove challenging. Numerous factors need to be taken into account, including market fluctuations, weather predictions, fuel costs, environmental restrictions, and more. This sophisticated system requires more optimization than a spreadsheet is capable of. However, you can quickly go through millions of simulations using technology to gain insightful knowledge and be sure that your choices are in the best interest.
The company recently raised $7 million in the post-seed funding round. The business plans to use the money to drive continuing R&D and go-to-market initiatives for the new CII product, bringing its total capital raised to date to $10M.
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Amreen Bawa is a consulting intern at MarktechPost. Along with pursuing BA Hons in Social Sciences from Panjab University, Chandigarh, she is also a keen learner and writer, having special interest in the application and scope of artificial intelligence in various facets of life.