MarineLabs makes history with seed round

Plus, why you don't need to worry about 200 earthquakes off the coast of Vancouver Island

Welcome to this week’s Sunday Briefing. In this issue, read about a history-making seed round, 200 earthquakes off the coast of Vancouver Island, a new feature for Peloton Technologies, and an AI breakthrough for ImmunoPrecise Antibodies.

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MarineLabs makes history with seed round

Scott Beatty, MarineLabs Founder and CEO, with MarineLabs sensor buoy. Photo: MarineLabs

It’s no secret that the Island is home to an impressive group of researchers and entrepreneurs driving forward ocean innovation. Companies like Ocean Networks Canada, Open Ocean Robotics, Archipelago Marine Research and organizations including the Centre for Ocean Applied Sustainable Technologies (COAST) and our post-secondary institutions are improving our understanding of marine ecosystems and our relationship with them.

Included on the list of Island innovators is MarineLabs, a Victoria-based company whose data is transforming marine safety and helping to build climate-resilient coastlines.

On Wednesday, MarineLabs put a spotlight on their work — to the tune of $4.5 million. Led by BDC Capital and Seaspan Shipyards, the seed round is the largest investment of its kind in Canadian history for an ocean tech company.

“The National Shipbuilding Strategy (NSS) continues to grow and present new and exciting opportunities for Canada’s marine industry. As part of this growth, it is important that the maritime sector has the ability to adapt to climate change,” said the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry. “This investment will enable MarineLabs to accelerate product development and expand market reach of its real-time weather intelligence solution, while contributing to building a strong sustainable marine industry in BC and Canada.”

MarineLab’s flagship product, CoastAware, is a real-time weather intelligence solution that enhances safety, efficiency, and sustainability in maritime operations by providing users with detailed, actionable, real-time, and historical weather conditions data for informed decision-making.

View of the CoastAware BuoyCam. Photo: MarineLabs

“This significant investment is a testament to the confidence our esteemed partners have in our vision and the transformative impact of CoastAware on the maritime sector,” said Scott Beatty, CEO, MarineLabs. “Providing reliable real-time data enables sound decision-making within the maritime industry, while equipping governments and coastal communities around the globe to respond to volatile weather and build climate resilience. We are thrilled to embark on this next phase of our exciting journey with BDC Capital and Seaspan by our side.”

MarineLabs says the $4.5 million seed funding will be used to accelerate product development, expand market reach, and strengthen its position in the industry.

📰 More Victoria innovation news

🏦 Bring home the bacon: Peloton Technologies announced the addition of a new feature that brings secure, self-generated payment links to their payment platform. The new feature is intended to ensure payment collections are simpler, customizable, and PCI compliant.

🌅 Shake it off: Ocean Networks Canada detected more than 200 earthquakes per hour at the Endeavour observatory site, 240 kilometres off the coast of Vancouver Island. While the activity could signal a new seafloor forming, ONC president and CEO Kate Moran said, “No one should be alarmed about this great swarm of earthquakes. They are far offshore and cause no danger.”

👉 Put a finger on it: Victoria’s ImmunoPrecise Antibodies (IPA) announced the development of a Foundation AI Model that they say “marks a pivotal moment in the utilization of artificial intelligence for complex biological data analysis and drug discovery.”


COAST Networking Mixer

Connect with industry leaders at COAST's networking mixer in Campbell River on March 26th! This event provides a prime opportunity to forge valuable connections and expand your professional network. Don't miss out on this chance to propel your professional growth. Register now to secure your spot.

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In a world where AI surpasses human intelligence... will it enjoy nachos? Join the Humans of Victoria in consuming Melted Cheese, Tortilla Chips and Jalapeños to prepare for the AI Revolution. ​​A no-speaker, social-only, nacho-friendly event. Non-tech guests are welcome, but they may be bored by conversations about no-code tools and Generative AI. 

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