London, 26th April 2023: Signol, a leader in workforce nudgetech, deploying behaviour change techniques to decarbonise the shipping and aviation industries, today announced the closing of a £3M seed funding round. The round was co-led by East Innovate, the venture capital arm of East Alpha, a quantitative commodity technology and research company, and Innoport, the venture capital arm of the Schulte Group, and includes existing and new partners such as Forge Ventures, Stolt Ventures, Riverstone and Motion Ventures.
The funding secured will be used to augment Signol’s resource in core differentiating competencies in behavioural science and also bolster data science and software engineering capabilities as the company seeks to expand the use of machine learning and AI. Signol will also grow its business development and sales teams to meet escalating cross-sector demand for its decarbonisation solution.
Rory Scott Russell, Head of Venture Capital at East Innovate said: “Changing behaviours is hard to do, but when it comes to the careful use of precious resources, making better choices is incredibly important. Signol have shown that in some of the hardest to decarbonise sectors, like shipping and air transport, their software can make an immediate and significant impact on how energy is used”. In turn, Niklas Koerner, Investment Manager at Innoport, flagged the “ease of implementation and low cost of the Signol solution in addition to its anticipated positive impact on workforce retention” as key drivers behind their continued commitment to Signol.
Signol continues to deliver credible proof points (including projects with Virgin Atlantic Airways and Bernhard Schulte Shipmanagement Deutschland) for the potential of behavioural intervention in industrial use cases, most recently releasing the results of a pilot completed with Young Brothers Hawai’i. To date, Signol has saved customers a total of $16M in fuel costs corresponding to 60,000 MT of CO2.
“This is a really exciting chapter for Signol, we have a rapidly growing customer base, a scalable technology infrastructure harnessing cutting-edge behavioural and data science and an extremely capable team backed by committed, specialist shipping and transportation technology investors” said Michael Fanning, CEO at Signol.
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Signol is a software platform that draws on insights from behavioral economics to encourage employees to make more efficient decisions. Signol provides personalized feedback through multiple communication channels, as well as data analysis for managers. In aviation, Signol aims to use behavioral "nudges" and incentives to reduce pollution and fuel waste and cut operating costs.