Jasper secures S$9M investment for AI digitalisation for maritime operations

SINGAPORE: Jasper Investments Limited has recently secured a hefty investment of over S$9 million to drive innovation within the maritime industry.

Led by Dennis Goh, the company’s executive chairman and CEO, this funding will fuel the expansion and development of artificial intelligence (AI) driven digitalisation tailored for maritime operations.

Singapore Business Review reported that the funding was finalised through placement agreements on June 6. Through subscription agreements, the company is set to issue more than 6.2 billion new ordinary shares, each priced at S$0.0015.

Accompanying this issuance are 3.1 billion new free warrants.

Mr Goh and Osith Ramanathan, Independent Directors, have personally invested S$2 million and S$0.25 million, respectively, into the company.

Mr Goh’s investment also includes an additional S$0.25 million facilitated through a convertible loan note in October 2023.

Both Mr Goh and Mr Ramanathan have converted their directors’ fees into new ordinary shares, cementing their dedication to Jasper’s growth trajectory.

In addition, strategic collaborations with Prosper Excel Engineering and Lyte Ventures have been announced to integrate revenue-generating marine assets and leverage advanced fintech solutions.

These partnerships aim to revolutionise digitalisation efforts in the maritime sector. Jasper Investments expressed in its filing:

“Once we have established the maritime ecosystem we intend to serve, we are cautiously optimistic that the company will be able to develop the capability to allocate capital in a more optimal way than many other maritime companies.”

They further emphasised the significance of AI technologies in their ecosystem, noting:

“The adoption of AI technologies in our ecosystem will go a long way towards identifying data-driven trends which in turn guide us to make prudent capital allocation decisions at every inflexion point in the maritime economic cycle.” /TISG