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Ascenz Secures Fresh Funding For Its Fuel Monitor System

The Business Times

24 December 2013 – Just one year after securing $590,000 in seed funding from early-stage startup incubator Red Dot Ventures, Ascenz yesterday announced it has secured a fresh round of equity investment from BW Ventures’ Green Marine Capital (GMC).

The investment amount, while undisclosed, is “quite significant”, according to Leslie Loh, managing director at Red Dot Ventures.

Ascenz, winner of last year’s Emersing Enterprise Award, is a Singapore-based supplier of fuel monitoring and bunkering systems for shipping companies.

GMC, the investment arm of global maritime company BW Group, invests in businesses that offer products or services with immediate future relevance to the maritime sector.

“We are proud to have facilitated this connection and strategic investment,” Mr Loh told BT. “GMC is managed by BW owner and operator of the world’s largest fleet of LPG carriers. Their shipping domain knowledge and global networks will certainly help Ascenz in their internationalisation efforts and development of innovative products.”

Ascenz co-founder Chia Yoong Hui added: “BW is a major industry player, making it a strategic fit. With this latest round of funding, we expect to increase our marketing activities and efforts to expand globally.”

Launched in 2008, Ascenz uses a proprietary monitoring technology that provides real time fleet insights on fuel usage and GPS data, thus enabling shipping companies to save on fuel costs, improve transparency of the ship’s operations, and prevent bunker fraud.