Energy startup Vortexa wins VC funding to tackle commodity trading
London-based energy trading AI start up Vortexa said it has bagged $5 million in venture capital funding, Business Insider reported.
The company uses satellites and ship-tracking technology along with machine learning and AI to predict and map the movements of tankers across the globe.
"It's a shift in an opaque industry because of a space revolution which allows smaller satellites to be launched at lower cost, which wouldn't have been possible before 2015," Vortexa founder Fabio Kuhn, told Business Insider.
The startup hopes to disrupt the secretive and complex energy commodity trading world pushing the market into the modern age.
“In an increasingly fast-moving energy market characterized by intense competition, profit margins are defined by the information edge," Business Insider quoted Kuhn as saying.
Vortexa has raised a total of $10 million in Series A funding from VC firms Notion Capital and Mosaic Ventures.
Business Insider said the firm claims to have developed an AI platform that shows real-time, global trade flows for crude and refined products at an unprecedented scale, which allows traders to make better decisions and gain a competitive edge.