Starboard Maritime raises $23m to expand AI ocean security tech globally

Officers with AFMA (the Australian Fisheries Management Authority), Starboard's first customer across the Tasman.

A security start-up based in Wellington says it has raised $23 million.

The raise for Starboard Maritime Intelligence was led by Altered Capital, OIF Ventures and King River Capital, with support from Co:Act Capital, Icehouse Ventures and Whakatupu Aotearoa Foundation.

Starboard describes itself as offering AI-powered technology safeguarding the world’s oceans and critical subsea infrastructure.

It said the new funding would accelerate its expansion into North America, Europe and the Indo-Pacific.

The company said the new money should also strengthen its capabilities for classified and commercial maritime environments, and scale product innovation to meet rising demand for real-time threat prevention.

“This investment enables us to extend that reach globally, set the benchmark for real-time maritime intelligence, and help our partners make faster, better-informed, and more secure decisions,” CEO Trent Fulcher said.

The company said the capital raise would also brings new expertise to its executive team.

“King River’s Jonty Kelt has been appointed chair, and Vu Tran joins the board alongside Craig Mawdsley, Nick Fogarty and Trent Fulcher.

“They bring a wealth of knowledge in defence, intelligence and global technology businesses.”

Starboard added: “Amid escalating maritime security risks, including undersea cable sabotage, illegal marine activity and contested trade routes, Starboard delivers the next generation of maritime domain awareness.”

The company used satellite imagery, radar, oceanographic and autonomous sensors to detect suspicious activity, highlight risks to subsea infrastructure and issue real-time alerts.

Starboard said it was operating in more than 30 countries, protecting more than 840,000km of undersea cables.

It said its technology blended satellite, sensor and contextual data with proprietary AI to deliver real-time maritime insight.

Earlier adopters in New Zealand included Customs, MPI, NZTA Waka Kotahi and the Department of Conservation, as well as various clients in Australia and the Pacific Islands.

In April last year the company raised $5m in seed funding.

At that time, Starboard told the Herald it offered clients a unique mix of real-time information about a ship.

That could include a vessel making an unsanctioned port call or taking a shortcut through pirate-infested waters, and combining that information with a five-year history, building a pattern for a vessel’s behaviour.

Starboard today thanked outgoing chair Maria King and early investors Soul Capital and Invest South for their foundational contributions to the company.