# Sofar Ocean Technologies

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/sofar-ocean-technologies

- Industry: Software
- Headquarters: San Francisco, US
- Website: www.sofarocean.com
- Total disclosed funding: $46M
- Latest round: Series B (Oct 15, 2021)
- Investors on record: 5

## About

Sofar Ocean Technologies, Inc. provides innovative marine weather intelligence solutions, enhancing maritime operations through advanced data analytics and sensing technology for improved efficiency and environmental sustainability.Founded in 2016 in San Francisco, US, Sofar Ocean specializes in marine weather intelligence. The company raised USD 5.00 mn in its latest funding round on September 15, 2023, targeting investments to expand its market presence. The founder's history includes previous ventures, although specific details are not disclosed. Sofar Ocean has secured a total of 4 deals to date.Sofar Ocean specializes in advanced marine weather intelligence solutions, primarily through its core products: the Wayfinder platform and the Spotter sensor network. Wayfinder is a voyage optimization platform that utilizes high-accuracy ocean weather forecasts to enhance maritime shipping efficiency by reducing fuel consumption and emissions. The Spotter platform comprises a global network of ocean sensing devices that provide real-time observations of ocean variables, such as wave conditions and sea surface temperatures, facilitating marine research and commercial applications. These products serve a diverse client base, including shipping companies like Eagle Bulk and Star Bulk, which leverage this technology to optimize fleet operations, improve safety, and minimize environmental impact. Sofar Ocean's products are deployed across various geographical markets, particularly in regions with significant maritime activities, including North America, Europe, and Asia.Sofar Ocean generates revenue primarily through subscription-based models and partnerships with commercial shipping firms and research institutions. Clients typically engage with the company to access its Wayfinder and Spotter services, incorporating these solutions into their operations for enhanced data-driven decision-making. Revenue transactions are structured around annual or monthly subscription fees that grant users access to real-time ocean data and analytics. The pricing structure aligns with the scale of deployment, where larger fleets or organizations may incur higher fees due to the extensive data usage and additional services offered. The company's flagship products, such as Wayfinder and Spotter, are integral to its revenue strategy as they provide essential insights that enable shipping companies to achieve operational efficiencies and sustainability targets.In September 2023, Sofar Ocean Technologies, Inc. raised USD 5 mn in venture funding to support its expansion into new markets and scale its engineering, technology, research, and marketing departments. The company aims to launch new products designed to further enhance its marine intelligence capabilities, with specific details on release dates yet to be announced. Additionally, Sofar Ocean plans to enter new geographical markets, although specific regions targeted for expansion remain undisclosed.

## Funding rounds

- Series B, Oct 15, 2021, $39M — Union Square Ventures, Foundry Group
- Series A, Mar 27, 2019, $7M — True Ventures, Craft Ventures, Jovono

## Investors

- True Ventures (https://capitalatlas.ai/funds/true-ventures) — Series A
- Craft Ventures (https://capitalatlas.ai/funds/craft-ventures) — Series A
- Jovono (https://capitalatlas.ai/funds/jovono) — Series A
- Union Square Ventures (https://capitalatlas.ai/funds/union-square-ventures) — Series B
- Foundry Group (https://capitalatlas.ai/funds/foundry-group) — Series B