Israel-based maritime risk analytics startup Windward has raised $16.5m in a Series C funding round in order to further expand its marine insurance portfolio.

The company intends to use the fund to recruit new personnel and expand its office in London, UK.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The funding round was led by insurance technology-focused venture capital fund XL Innovate and also saw participation from Windward’s existing investors, including Horizons Ventures and Aleph, as well as Salesforce chairman and CEO Marc Benioff and other individuals.

"Windward has established itself as the industry leader in marine risk analytics, earning the trust of governments and law enforcement agencies globally, and now expanding into insurance."

XL Innovate managing partner Tom Hutton is set to become a board director at Windward as part of the development.

The latest financing round brings the total amount of funding raised by the company to $38.9m to date.

Hutton said: “Today, Windward has established itself as the industry leader in marine risk analytics, earning the trust of governments and law enforcement agencies globally, and now expanding into insurance.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We look forward to supporting Windward further, with our new equity investment complementing our existing commitment of time and resources.”

Windward’s insurance portfolio is designed to continuously monitor and evaluate the functions of ships, including navigation, operation in both normal and rough weather conditions, and manoeuvring at ports.

The company subsequently uses this vessel operating and behavioural information to predict the likelihood of a ship having an accident in the coming years.

Windward’s proprietary data and machine learning algorithms have been developed to integrate into insurers’ technical pricing models in order to facilitate improved underwriting decisions and increased profit.