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Newcastle data analytics company Ceto has raised $4.8m in a seed funding round to drive forward its platform which aims to transform maritime insurance and operations.

The insurance technology startup – named after the ancient Greek sea goddess Ceto – was launched five years ago by Tony Hildrew, who worked on commercial ships and superyachts as a chief engineer and as land based vessel manager before founding the business.

The Hoults Yard based business currently has eight full time employees, 70% of whom are software engineers, but a multimillion-pound funding round, led by Tennessee-based Dynamo Ventures, will create six full time jobs in the next couple of months, with more to come longer term.

The Ceto platform works by supplying data analytics to improve shipping industry processes, by capturing and analysing data to predict machinery breakdowns at sea. Mr Hildrew said the new funding aims to transform the maritime industry by combining the power of A1 with human expertise.

He said the funding, which included participation from Howden Ventures, Signal Ventures, Motion Ventures, and Chaucer, coupled with the expertise of its partners, positions it to scale faster, strengthen collaborations across the maritime ecosystem, and deliver predictive technology that sets a new standard for maritime operations.

The CEO and founder said: “Despite the technological advancements aboard modern ships, maintenance remains largely reactive. Today, machinery breakdowns account for 45% of marine hull insurance claims, representing billions of dollars in losses each year. The problem isn’t a lack of information—it’s the inability to turn onboard data into proactive solutions.

“At Ceto, we’re building the platform to change that: transforming raw sensor data into predictive insights that empower ship owners and operators to manage risk, optimize performance, and create a safer, more sustainable maritime industry. At Ceto, we aim to unite the power of AI with the indispensable human expertise at the heart of maritime. This kind of technology plays a critical role in identifying risk and improving decision making, ushering in a smarter era for shipping and finance.

“But raising capital is just the beginning. Real innovation happens out at sea, and that’s where our focus remains: helping ship owners move from reaction to prediction—one vessel at a time. We’re excited about the journey ahead and remain steadfast in our approach to driving innovation at the intersection of maritime operations and insurance. We’re looking forward to welcoming new partners and crew members onboard.”