Signol Gains £2.5M Funding to Tackle Aviation Emissions

Sustainability startup Signol, which applies behavioral science to reduce emissions in the shipping and aviation sectors, has successfully raised £2.5 million from a group of prominent industry-focused investors. This funding round, led by New York-based venture capital firm TMV, attracted participation from key players in the maritime industry, including Ultranav, a global diversified ship operator, and MOL PLUS, the venture arm of the Japanese shipping company Mitsui O.S.K. Lines, Ltd. (MOL). London-based venture capital firm East Innovate, which led Signol’s previous funding round, also reinvested in the company.

Signol's innovative approach centers on a tech-enabled behavior change service that helps industries with significant environmental challenges, such as shipping and aviation, to fully engage their human workforce. By encouraging employees to optimize their daily tasks, Signol helps these sectors reduce emissions without the need for costly technological or physical modifications to ships or aircraft.

Marina Hadjipateras, co-founder and general partner of TMV, emphasized the importance of investing in solutions that can have an immediate impact on improving the sustainability and efficiency of traditional industries like shipping. She noted that the maritime industry, valued at over $152 billion, is responsible for transporting 90% of global goods. Hadjipateras believes that Signol's approach, which leverages human potential to shift operational behavior and culture toward more sustainable practices, could extend beyond aviation and shipping to other industries. She also highlighted Signol's plans to explore how artificial intelligence (AI) could further empower individuals to perform their jobs more efficiently, thereby maximizing the potential of human decision-making.

To date, Signol claims to have saved more than 100,000 metric tonnes of CO2 for shipping and aviation companies by optimizing human decision-making. These CO2 savings result from reductions in fuel consumption of up to 1% in aviation and 12% in shipping. Per Lange of Ultranav praised Signol's solution for effectively engaging crew members in efficiency initiatives without adding to their workload or mental stress, stressing the importance of a behavioral science approach in achieving sustainability goals.

With the new investment, Signol plans to enhance its current solutions and increase its commercial traction within the aviation and shipping industries. The company also intends to implement a proof-of-concept (POC) project in the corporate travel sector, aimed at reducing avoidable emissions from business travel through behavior change.

Michael Fanning, Signol’s CEO, described the investment as a significant endorsement of the company's human-centric approach to sustainability. He welcomed the addition of Marina Hadjipateras and Per Lange to Signol’s board, noting that their combined investment and industry expertise would help accelerate the company’s growth and impact.

Takuya Sakamoto, CEO of MOL PLUS, also expressed his support for Signol's mission, emphasizing the importance of not overlooking the human element in the push for sustainability. Sakamoto praised Signol’s innovative approach to helping seafarers manage their increasing workloads, highlighting how the company's methods align with the broader goals of sustainability in the maritime industry. He emphasized MOL PLUS’s strong commitment to supporting Signol’s journey, recognizing the significant potential for the startup to make a meaningful impact on the industry’s environmental footprint and operational efficiency. Sakamoto expressed confidence that Signol’s focus on the human element will play a crucial role in driving positive change within the maritime sector, further solidifying MOL PLUS’s partnership with the company.