Quartermaster, Arlington, Va., has secured $140 million in financing to expand its network of sensors aboard commercial vessels. The company said its SmartMast equipment is now carried by more than 650 vessels in 25 countries.
The financing consists of about $100 million from investors led by Insight Partners and a $40 million debt facility from Stifel, according to TechCrunch. Overmatch Ventures and existing investor First Round Capital also participated. TechCrunch reported that Quartermaster closed a $43 million Series A financing in May.
Quartermaster mounts weather-hardened cameras and radios on vessel masts to collect and relay information about maritime activity. The company supplies data to governments, shipping companies and insurers, aiming to give them observations beyond the vessel positions transmitted through the automatic identification system.
Founder and CEO Neil Sobin told TechCrunch that Insight Partners approached the company about the new financing. He said disruptions to shipping tied to the war in Iran have heightened interest in maritime visibility.
