Signol Raises £2.5M to Drive Down Aviation Emissions

Signol, a sustainability startup specializing in behavioral science to reduce emissions in the shipping and aviation industries, has secured £2.5 million in a funding round led by TMV, a New York-based venture capital firm known for investing in legacy industries ripe for disruption. The round also saw participation from key industry stakeholders, including Ultranav, a global diversified ship operator, and MOL PLUS, the venture arm of Japanese shipping giant Mitsui O.S.K. Lines, Ltd. (MOL). London-based East Innovate, which led Signol’s previous funding round, also reinvested in the company.

Signol’s innovative approach leverages behavioral science to engage the human workforce in hard-to-abate sectors like shipping and aviation, enabling them to optimize their daily tasks to reduce emissions. By focusing on human decision-making rather than technological or physical changes to ships or aircraft, Signol has already helped its clients save over 100,000 metric tonnes of CO2. The company reports fuel consumption reductions of up to 1% in aviation and 12% in shipping.

Marina Hadjipateras, co-founder and general partner at TMV, emphasized the importance of investing in solutions that can immediately impact sustainability and efficiency in legacy industries. She noted the significant role of human factors in transforming sectors such as maritime, which is responsible for 90% of global goods transportation and valued at over $152 billion. Hadjipateras highlighted Signol’s potential to extend its behavioral science approach beyond aviation and shipping into other verticals, particularly with plans to integrate AI to further empower individuals in their roles.

Ultranav’s Per Lange expressed his support for Signol’s efforts to harness the power of the human workforce in decarbonizing the shipping industry. He acknowledged the challenges of engaging crew members in efficiency initiatives without adding to their workload and mental stress, noting that Signol’s solution not only contributes to sustainability goals but also enhances the day-to-day experience for seafarers.

With the new investment, Signol plans to enhance its current solutions and expand its commercial presence in the aviation and shipping sectors. Additionally, the company aims to explore a proof-of-concept (POC) in the corporate travel sector, targeting reductions in avoidable emissions from business travel through behavior change strategies.

Signol’s CEO, Michael Fanning, welcomed the investment as a strong endorsement from the maritime industry, particularly highlighting the addition of Marina Hadjipateras and Per Lange to Signol’s board. Their combined investment and industry experience, along with their enthusiasm for Signol’s mission, are expected to accelerate the company’s growth and impact.

Takuya Sakamoto, CEO of MOL PLUS, offered high praise for Signol's innovative approach to addressing one of the most pressing challenges in the maritime industry: managing the increasing workloads of seafarers. In his remarks, Sakamoto emphasized the critical importance of considering the human element in the industry's ongoing sustainability efforts.

He pointed out that, while technological advancements and efficiency initiatives are vital, the well-being and effective management of the human workforce are equally crucial to achieving long-term sustainability goals. By recognizing and addressing the human factors that can impact operational efficiency, Signol's approach aligns with MOL PLUS’s broader vision of a sustainable and resilient maritime industry.

Sakamoto expressed a strong sense of pride in MOL PLUS's decision to participate in Signol’s recent fundraising round. He underscored that this investment is not just a financial commitment but also a strategic partnership aimed at supporting a company that is leading the way in integrating behavioral science with sustainability initiatives. This collaboration reflects MOL PLUS’s dedication to fostering innovation that not only meets the technical and operational demands of the industry but also enhances the work environment and quality of life for seafarers.

Furthermore, Sakamoto noted that MOL PLUS is eager to support Signol's mission from a maritime corporate perspective, believing that the company’s unique focus on the human aspect will play a pivotal role in the industry's transition towards more sustainable practices. He reiterated MOL PLUS’s commitment to contributing to the success of Signol, seeing this partnership as an exciting journey that will help shape the future of sustainable maritime operations.