Maritime technology company Nautilus Labs has secured $34m in a Series B funding round to support its efforts towards decarbonising ocean shipping.

Led by Microsoft, the round marks the first time that the technology giant’s venture fund, M12, and Microsoft Climate Innovation Fund have co-invested.

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The round was also supported by other new and existing investors, including NSS Advisors, Systemiq Capital, Root Ventures, Quiet Capital, TMV and Amplifier.

With the fresh infusion, Nautilus Labs’ total funding received so far reaches more than $48m.

The funding will be used by the firm for the development and deployment of new product capabilities to help clients achieve decarbonisation.

Nautilus Labs will also use the money to recruit new professionals, as well as set up and expand new offices in crucial shipping hubs around the globe.

Nautilus Labs CEO Matt Heider said: “The potential for Voyage Optimisation is huge: our clients have seen 10% -12% savings per journey, with overall savings potential reaching up to 30%, as we address the root cause of this hurry-up-to-wait paradigm.

“We’re excited to leverage this funding to grow our crew around the world and continue to solve this global problem with a great deal of urgency.”

The Voyage Optimisation solution offered by Nautilus Labs is said to leverage machine learning-based predictions to lower fuel waste and emissions.

It is also designed to help boost commercial returns by assessing internet of things (IoT) data weather patterns as well as arrival and departure times.

Nautilus Labs works with energy firm TotalEnergies along with shipping companies including Eastern Pacific Shipping and Emirates Shipping Line. Recently, the company expanded its presence to London, UK.

Last December, Emirates Shipping Line and Peter Döhle chose Nautilus Labs to advance data collection capabilities for vessels and enable transparency across stakeholders.