OceanX: Whither TradeLens and the digitisation challenge? China's Covid conundrum
Disquieting digi-questions to digest…
ZIM Integrated Shipping Services (NYSE: ZIM) and Data Science Consulting Group (DSG), a leading technology company specializing in AI (Artificial Intelligence) based products, solutions and services, announced today that they have closed a $6 million Series A financing round whereby ZIM made a capital investment in DSG, which constitutes the first major equity investment in DSG.
DSG expects to use the proceeds of this ZIM investment to, among others, bolster the development of e-volve, its holistic AI governance and decisioning management system, and to expand its operations and presence to additional territories around the globe. This investment is concluded following a successful commercial collaboration between ZIM and DSG in the creation of a center of excellence for the development of AI tools for the maritime shipping industry.
Eli Glickman, President and CEO of ZIM, remarked, “The center of excellence we initiated with DSG is another prime example of a fruitful partnership ZIM has established with an Israeli startup and the successful development and implementation of AI tools to improve ZIM’s business decisions. ZIM’s innovative spirit, demonstrated by, among others, the adoption of various digital tools, has been an important contributor to our industry leading results and, we expect, will continue to drive to our success going forward. Having worked closely with the DSG team, we see their capabilities that can support our ecosystem and are pleased to make this investment that will enable them to further grow their business.”
Eyal Ben Amram, EVP & CIO of ZIM added: “There is a growing demand around the world and in our industry for AI-based products and solutions which can improve, among others, supply chain management and the accuracy of forecasting tools. The positive results of our collaboration with DSG during the past year and DSG’s proven versatile experience and understanding of AI convinced us to further invest in our relationship with DSG and its team.”
Dr. Elan Sasson, DSG’s CEO noted: “We are proud in the vote of confidence which ZIM’s investment in DSG represents. The transformation of a customer turned (also) into an investor is an indication of the impact and reward we aspire to deliver to our customers and precisely the type of relationships we aim to foster. This investment will enable us to further develop our products and technologies and expand our international footprint in markets such as Australia, Japan, and others.”