BCG Digital Ventures (BCGDV), the innovation arm of Boston Consulting Group (BCG), has announced that SOL-X, Chord X, and Spares CNX will join its portfolio of innovative businesses and products with the backing of BCGDV and shipping company MISC Group.
BCGDV invested in the three companies last year to enable a deeper focus on business development activities, including staffing, product development, and target market acquisition.
These three start-ups differ in their approach but together demonstrate the transformational power of strategically applying digital and deep tech, such as artificial intelligence (AI), machine learning, and the industrial internet of things (IIoT), to improve operational efficiencies across the shipping value chain.
The ventures will be key drivers for the smart ship, which leverages automation and assistive technologies to ensure safety, efficiency, and environmental sustainability.
“With 90 per cent of the world’s goods transported by ships, and considering the fragmented attempts at innovation, we believe these investments are going to be absolutely transformative to the maritime industry, as well as to industries such as mining, energy, and industrial goods,” said Sid Shah, managing director & partner and global leader of BCGDV’s Energy Practice. “We couldn’t be more excited to support these teams on their bold journeys.”
All three ventures are based in Singapore, a critical hub for BCGDV that was recently placed at the top of the IMD World Competitive Centre’s ranking in digital competitiveness.
SOL-X is creating an industry-first safety 4.0 company centred on human factors. Combining deep industry knowledge with IIoT and predictive AI, SOL-X focuses on improving safety and compliance outcomes, increasing operational productivity, and enhancing crew well-being.
Chord X, a maritime data analytics company, is advancing ship management by utilising sensors, data integration and analytics, machine learning, and human experts to achieve operational and emission efficiency in large maritime assets.
Spares CNX provides an automated inventory management solution that can track the life cycle of spare parts on shore and across the fleet. An integrated hardware and software solution, PROPELLER Ship, uses RFID, QR, and other imaging technologies to monitor the location and consumption of spares.
“We are proud to invest in these three digital start-ups, which in many ways allow us to explore available opportunities to harness the power of digitalisation in the maritime industry. The challenges faced by the shipping industry brought about by the global COVID-19 pandemic have forced us to rethink our approaches and operational practices,” said Mr. Yee Yang Chien, president/group CEO of MISC. “I believe that in order for us to move forward, we must be bold in exploring the endless opportunities to further improve operational excellence in various areas, including safety and process efficiency. I am confident about the prospects that the three digital ventures offer and that this partnership will enhance our contribution toward the sustainability of MISC Group’s environmental, social, and governance agenda.”