Global Spatial Technology Solutions (GSTS), a Dartmouth, Nova Scotia-based developer of digital solutions for the marine industry, has raised $2 million in a seed-stage financing.
The round was backed by Canadian venture capital firms Innovacorp and Ecofuel as well as other private investors.
Founded in 2005 and led by CEO Richard Kolacz, GSTS creates data management and analysis solutions that use satellite data for route optimization and risk management in the maritime shipping industry.
The financing’s proceeds will be used by the company to further develop its analytics, logistics and surveillance platform.
Entrevestor‘s Peter Moreira interviewed COO Stephen Martins about GSTS and the seed round.
GSTS Closes $2 Million Seed Round Financing to Drive the Development of its Maritime Analytics Platform
Global Spatial Technology Solutions (GSTS) – one of the leading developers of advanced global digital solutions for the marine industry – has closed a $2 million equity financing round from Innovacorp, Ecofuel and private investors to further develop its analytics, logistics and surveillance platform.
“Ninety per cent of global trade happens across open ocean waters, which leads to significant operational, environmental and security issues,” said Rob Burns, investment manager at Innovacorp. “The GSTS team has the expertise, technology and partnerships to disrupt the maritime logistics market. We’re excited to partner with GSTS and Ecofuel to bring this important technology to market.”
“GSTS has a cutting-edge product and understands the importance of transport efficiency in the maritime sector, which directly translates into cost savings and a strong impact on the environment, mainly through GHG emission reduction,” said Richard Cloutier, managing partner at Ecofuel Fund.
“Our capability directly aligns with the Government of Canada’s initiatives to expand trade while reducing emissions and improving efficiencies,” said Richard Kolacz, CEO of GSTS. “We’re also aligned with major capital defence programs underway in Canada that require an advanced technology capability to support defence objectives as well as the offset requirements associated with these programs.”
GSTS develops data management and analysis solutions that use satellite data for route optimization and risk management in the maritime shipping industry. Using the latest developments in artificial intelligence and big data analytics, the company’s systems process enormous volumes of satellite and terrestrial data sets to provide decision-making intelligence for the maritime sector.
Kolacz and his team are backed by years of experience in the naval, space, surveillance, and data science sectors. GSTS’ proprietary technology provides value to government and commercial entities, including shipping lines and charterers, port authorities, and defence and security agencies.
GSTS (Global Spatial Technology Solutions) is a wholly owned Canadian company that provides innovative decision-support solutions through the use of artificial intelligence and big data analytics. The company’s predictive technologies empower future-friendly decision-making to help the maritime, energy and security sectors navigate tomorrow, today. GSTS has assembled a team of highly experienced industry specialists, each with a history of delivering complex capabilities on a global scale.
Innovacorp is Nova Scotia’s early stage venture capital organization. It works to find, fund and foster innovative Nova Scotia start-ups that strive to change the world. Early stage investment is at the core of Innovacorp’s business model. It also gives entrepreneurs access to world-class incubation facilities, expert advice and other support to help them accelerate their companies. Target industries include information technology, life sciences, clean technology and ocean technology.
Ecofuel is a venture capital fund and a specialized and personalized accelerator dedicated to the clean technology start-ups. Ecofuel, powered by Cycle Capital, works with entrepreneurs to help build globally competitive companies. Ecofuel Fund invests smart money in seed stage start-ups that develop and commercialize clean technologies while the Ecofuel Accelerator offers entrepreneurs a specialized and personalized program of workshops, networking sessions and access to experienced mentors.
For more information, please contact:
VP of Marketing, GSTS