Signol, a London-based behavioral science startup focused on sustainability, announced it has raised £2.5 million (USD $3.3 million) in a funding round to expand its solutions for decarbonizing emissions-intensive industries. Founded in 2017, Signol uses data and behavioral science to motivate employees in sectors such as aviation and maritime shipping to make sustainable decisions that reduce emissions.
The company offers a scalable platform that employs behavior change techniques to encourage crew members to take actions that lower fuel consumption. The platform analyzes data to identify key actions that can reduce fuel usage and incentivizes crew members to adopt these measures, while also providing a dashboard to track carbon savings and analyze the effectiveness of different actions. The recent investment round was led by New York-based venture capital firm TMV, with participation from industry players such as ship operator Ultranav and Mitsui’s venture arm, MOL PLUS, along with reinvestment from VC firm East Innovate. Signol’s approach claims to have resulted in significant reductions in fuel consumption, saving up to 1% for aircraft and 12% for ships, resulting in a total reduction of 100,000 tons of CO2 emissions. It has been until now. The company plans to use the new funding to improve its solutions and expand its reach into the aviation and transportation sectors, while exploring a new concept to reduce the greenhouse gas emissions in the sector. Signol CEO Michael Fanning said the commitment from industry leaders such as Ultranav and MOL demonstrates the value of a people-focused approach to helping businesses to achieve their life goals.