Eniram Releases Speed Management Tool For The Shipping Industry
Fuel is the shipping industry's greatest costs, and any improvement on efficiency can have big consequences. Today, Finnish Eniram is launching a new product, Eniram OSA (Optimum Speed Assistant), which is set to save ships and liners a ton of money in fuel costs. Eniram OSA is able to accomplish this by matching real-time data about current sea conditions with historical information about a vessel's performance to determine its optimal speed. The company expects this will save up to 3% a year in fuel costs, while still getting the vessel to port just in time.
Eniram Grows 2010 Revenue 300%
Eniram is a company we haven't written about in a while. The last time was actually in 2009. However, they've been growing their business ever since and a while ago we received their 2010 figures. Impressive growth indeed, the company has grown their 2010 revenue some 300% compared to 2009. In 2009 Eniram's revenue was about 830 000 euros so this means they turned over some 3,3 million euros in 2010.
What do they actually do then? The Finnish based software company promotes their products, Eniram Onshore and Eniram Onboard, that help fleet owners and captains better handle their ship to save fuel and overall improve efficiency.
Eniram Is Optimizing The Maritime Industry
Eniram, a Finnish startup, helps the maritime industry to save fuel, emissions and money. The company, based in Helsinki and established in 2005, currently employs forty people and has seen good growth during the last years.
Eniram uses IT in an old industry. They integrate their measurement system in ships, and with a simple UI the crew can optimize the performance of their ship. Installation takes two days and can be done on the water during operation, so it doesn't hinder the driving of the ship. It can be installed on all kinds of vessels, from passenger to container ships. Annual savings of up to USD 400k can be made per ship, and payback times vary between two and fourteen months.
Eniram Closes A 5 Million Euro Round
Eniram, A Finnish startup providing dynamic decision support systems for the shipping industry, has closed a five milliong euro investment round.
The company does not operate in the consumer web remit, but when the mainstream press is doing its best to fuel the economic despair we want to show that every coin has two sides and that great startups will always find funding. In fact, now that the tougher times weed out the clones and other cowboys who're in it for a quick buck it's a lot easier to get your message our there and find that smart money you need.
In the same spirit, great ideas know no boundaries either and best opportunities wait at the intersection of different industries be it micromessage systems, ship building or clean tech.
In Eniram's case the investment will allow the company to increase the pace of expansion of its global sales, distribution and support operations. Stronger presence in key markets will help Eniram respond to the growing demand for the company’s flagship product Dynamic Trimming Assistant (DTA), introduced in July 2008 to the global maritime market.
Eniram DTA helps vessel officers optimize trim at all times, minimizing water resistance, decreasing fuel consumption, and reducing emissions. The system continuously collects and displays real-time data of the vessel attitude, allowing timely action in changing circumstances. The key metrics are brought to vessel officers in an easy-to-read graphic form, to facilitate faster and better informed decision-making.
The investment round closed in December 2008 was led by Ferd Venture, one of Norway's leading venture capital investors focused on ICT companies in the Nordic region. Other investors include Conor Venture Partners, a Finnish early-stage technology venture capital firm, and Finnish Industry Investment, a government-owned investment company. Conor Venture Partners previously invested in Eniram in the company’s Series A funding round in March 2008.
It's shitty time to build your career in almost any big company as they need to cut cost and tighten the screw in every possible way. Hell, even Google is cutting the perks and laying off part-time workers. This makes it an ideal time to give that idea of yours a shot. Don't quit your day job, but build a proto during the weekend and even during the week when your employer is not looking. When the old methods are not working everyone is looking for new alternatives, which makes it an ideal time to bring your proto to the investors to see.
Photo by western dave (CC-BY)
Eniram's VC pitch
Eniram is a company offering unique modern technology solutions for the marine industry in the areas of safety & security, environment, and vessel performance. At the time of the pitch Eniram was looking for over a 5m investment to scale up the operations for a global expansion.
Learning from Israel
I interviewed Mr Pekka Roine last week about the initiative, that we've written here, to take Finnish startups to Israel to learn their secrets of success. Mr Roine has been sitting in numerous company boards both in Finland and in Israel. He also has an understanding of the differences between these two countries many would crave for.
I personally wondered why the initiative was put forward by individuals such as Mr Roine, Mr Juha Ruohonen and Greater Helsinki Promotion and not the members of parliament. After discussing for a good half an hour I understood why.
To understand the backgrounds of this exchange, one must understand Israel and what they have gone through in the last 15 years or so. Israel is one of the leading incubators and accelerators of startups in the high tech industry. During the last 15 years, Israel has "sent" more than 100 companies to Nasdaq. They also have a very systematic way of doing this and it does not rely on assumptions such as the "connections between the jews in Israel and America" or any nonsense of that sort.
However, the story goes further back. In 2004, an event was organised in Finland, followig the signing of an Agreement of Understanding between the two countries on the government level. The agreement creates the framework to work together to increase the chances of cross border co-operation and eventually, success. Needless to say such an agreement did not work very well.
In May 2006, Erkki Virtanen, the permanent secretary of TEM, together with a delegation of business and government executives visited Israel to further deepen the understanding. After the visit the understanding and keys to success began to unfold.
February this year, the chairman of the Israeli Venture Association was over for a visit in Finland and invited Finnish companies over. The visit is timed in sync with the IVA's annual conference which gathers a lot of people from many areas of business.
The goal of the visit for the Finnish delegation this time is three fold; 1) there are lots of Israeli startups and knowledge to be shared, 2) Israeli investors are present and 3) many international investors are at the event as well.
When the program for the visit was announced in February, Greater Helsinki Promotion received applications from about 20 companies. Seven have been considered qualified for the visit. The companies travelling to Israel are Ball-it.com, Concilio Networks, Eniram, EpiCrystals, Ramblas Digital, SenseG, and Whatamap.
These seven companies will visit Israel in two weeks time. IVA's conference is held on the 19th and 20th of May. After the conference the Finnish startups will have a chance to pitch to some Israeli startups and investors and get feedback from them, perhaps land an investment deal as well.
The program is primarily funded through sponsorship from Greater Helsinki Promotion and Technopolis Ventures BornGlobal, but there is a lot of work put in place pro bono.
Arctic Startup will be following the event very closely and we'll be reporting on the outcome of the conference later in May.
Eniram takes in a significant boost from Conor Venture Partners
Eniram received a major investment from Conor Venture Partners earlier this month. The exact amount was not disclosed, but it's believed to be around €1 million (major by Finnish standards). The purpose of the investment is to strengthen Eniram's marketing and sales operations in order to expand globally.
Eniram was founded in 2005 as a spin-off from US-based engineering consultant Edec, which remains a partner to Eniram. Eniram focuses on the maritime industry, providing system integration solutions allowing its customers to save costs and lower emissions through lower fuel consumption. The team reportedly has a great deal of knowledge of the industry and software development. The rumor also has it that Pekka Roine from Conor joined Eniram's board, bringing the company extensive experience of running technology and software business.
