Spire Global, Inc. (NYSE: SPIR) and Signal Ocean have agreed to partner together to drive digitization of the maritime economy. Under this agreement, Spire and Signal Ocean will partner to leverage their respective strengths.
Spire will contribute the firm’s proprietary datasets, relevant for precise monitoring of the maritime domain. Signal Ocean will bring the company’s best-in-class expertise in artificial intelligence / machine learning (AI/ML) and natural language processing to create innovative solutions to propel the digitization of the maritime economy, while enhancing global security and transparency in the planet’s oceans.
Additionally, Spire and Signal Ocean Ltd (“Signal Ocean”) entered into a securities purchase agreement (the “SPA”) for the issuance and sale of 833,333 shares (“Shares”) of the Company’s Class A common stock to Signal Ocean at a price of $12.00 per share (the “Private Placement”). The Private Placement closed on February 8, 2024 (the “Closing”), resulting in gross proceeds to Spire of $10 million.
The Company also agreed to prepare and file a registration statement registering the Shares for resale under the Securities Act of 1933, as amended, within 30 days of the Closing.
“Signal, as a group, brings deep knowledge of the maritime domain gained over years through the operation of commercial ships, the development of proprietary analytics tools and its multiple, successful investments across shipping, logistics and the commodities space,” said Peter Platzer, CEO of Spire Global. “We’re thrilled to leverage Signal’s expertise in combination with Spire’s unique data capabilities to drive meaningful innovation that transforms the way we understand and navigate the maritime domain.”
“We look forward to deepening our partnership with Spire, a leader in space technology and an established provider of fundamental data for the maritime sector with a global, cross-sector reach,” said Ioannis Martinos, CEO of The Signal Group. “Our core belief is that technology adoption in the maritime sector is accelerated through a well-linked technology ecosystem that leverages synergies to the ultimate benefit of our users.”