Singapore-based maritime technology company Ascenz has received $482,000 in funding from technology incubator Red Dot Ventures as it sets its compass towards China.
Established in 2008 by founders Sia Teck Chong and Chia Yoong Hui, Ascenz supplies remote monitoring systems for shipping companies to track fuel consumption and bunkering. The company’s patented software monitoring system allows data to be delivered from moving ships to an onshore control office, which in turn gives Ascenz’s customers a way to monitor fuel usage in real-time. The system also serves as a locating device by sending back information about the ship’s engines and current location.
Red Dot Ventures managing director Leslie Loh said that about 70% of Ascenz’s current clients are Singaporean firms, but the company hopes to extend its customer base in China, since most ships in the region are built there, as well as markets in Europe and the Middle East.