London-based ZeroNorth, a technology company known for optimising the shipping industry, has secured $20M USD in funding from Toronto-based CIBC Innovation Banking. The investment will help ZeroNorth expand its business by acquiring new companies, enhancing its technology, and increasing its market presence. By leveraging data and artificial intelligence (AI), the company aims to create a more efficient and sustainable future for the maritime sector.
ZeroNorth’s last funding round prior to this was a Series B investment round in 2022, where they raised over $50 million.
Transforming the shipping industry with AI
Picture a bustling port, where ships of all sizes navigate crowded waters while balancing fuel efficiency, speed, and safety. Each voyage involves complex decision-making to reduce costs and minimise environmental impact. This is where ZeroNorth steps in. The company’s cutting-edge technology helps shipping companies optimise their operations by analysing vast amounts of data, reducing fuel consumption, and cutting carbon emissions. With growing concerns over climate change and stricter regulations on pollution, ZeroNorth’s solutions are more crucial than ever.
A rapid rise in shipping industry technology
Since its founding in 2020 as a spin-off from Maersk Tankers, with the founding team including CEO Søren C. Meyer and five other initial employees — ZeroNorth has quickly become one of the leaders in maritime digital transformation. The company’s platform, which provides AI-driven insights for voyage, vessel, and fuel optimisation, has already helped streamline 1.5 million voyages in 2024 alone. This resulted in a reduction of more than one million metric tonnes of CO2 emissions, significantly improving the industry’s environmental footprint.
ZeroNorth serves over 230 customers across the shipping industry, including vessel owners, operators, traders, and suppliers. Its six core services help businesses make data-driven decisions that improve efficiency, sustainability, and profitability.
In December 2024, the company reported its first profitable month and reached nearly $40M in annual recurring revenue (ARR). With the new funding, ZeroNorth plans to scale even further and strengthen its position in the maritime technology space.
ZeroNorth’s CEO Søren Meyer quoted in the press release, “The maritime industry is navigating unprecedented complexity, largely driven by the challenges of the energy transition and evolving regulations. To meet these demands effectively, the industry needs unified technology solutions that simplify operations and enhance decision-making. Our M&A strategy has enabled exactly that. With this facility from CIBC Innovation Banking, we aim to continue our role as an industry consolidator, bringing together fragmented solutions to create greater value for customers and accelerate the energy transition for the industry.”
Tom Dods, Director at CIBC Innovation Banking added, “To meet the demands the shipping industry is facing, consolidation is essential for addressing the fragmentation in the value chain. ZeroNorth has a successful platform that enables industry stakeholders to consolidate within a fragmented market and the company has grown from a six-person startup to a global team of 600 across ten locations in under five years. We are delighted to further support this growth as it tackles the complexities the shipping industry is facing.”
Charting a course for the future
With this latest funding, ZeroNorth aims to expand its platform by acquiring more companies and integrating new technologies. By consolidating fragmented solutions under one platform, the company seeks to make shipping operations smoother, greener, and more cost-effective.
Additionally, ZeroNorth is planning to expand its workforce to support its rapid growth. The company currently employs 600 people across ten global locations and intends to attract top talent to further enhance its technology and services.
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