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Quartermaster secures Series B to expand SmartMast ocean data network. * 29 September 2026 * Edited By: Haley McQueen Quartermaster has raised $140 million to build out its distributed data network for the ocean, combining a $100 million Series B led by Insight Partners with a $40 million venture debt facility from Stifel. The Arlington, Virginia-based company announced the financing on September 28, 2026. (Image credit: Quartermaster) Overmatch Ventures joins the Series B as a new investor. First Round Capital and Quiet Capital, which co-led Quartermaster's $43 million Series A in May 2026, returned for the round, alongside Steel Atlas, TMV, BoxGroup, and Operator Partners. According to the company, it had not planned to raise again this year, but accepted a preemptive offer from Insight as the gap widened between what fleets need and what existing offerings provide. The new capital will fund engineering hires and the recruitment of additional vessels to extend coverage across the world's most active fishing grounds and commercial shipping lanes. The raise follows a turbulent year for commercial shipping in the Gulf. In late February, military jamming and spoofing of navigation signals - used to defend against drones and missiles - left commercial vessels in Emirati, Qatari, Omani, and Iranian waters receiving false positions. Quartermaster frames the Strait of Hormuz closure that followed, now approaching seven months, as an economic problem as much as a military one. Economists at the Dallas Fed attributed the initial closure mainly to the need to adjust insurance contracts for oil tankers; several major underwriters stopped writing the region in March, and war risk premiums for a Hormuz transit in July reached 7-10 percent of a ship's insured value per voyage, more than 30 times February levels. Neil Sobin, CEO of Quartermaster, wrote that one of the world's most important maritime chokepoints closed not because of drones or mines "but because of an actuarial table." The risk, he argued, could not be priced because no one had a clear, objective picture of conditions in and around the Strait. Quartermaster's answer is physical presence on the water. The company contrasts its approach with automatic identification system (AIS) broadcasts, satellite navigation, radio frequency geolocation, and orbital imaging, which it characterizes as secondhand or remote signals. Its SmartMast sensor units are installed on working vessels - more than 650 across 25 countries, mostly small operators - at no cost to the operator beyond mast space. Operators receive the hardware, installation, and support, along with access to their own feeds, hazard alerts along their route, and broadband internet at sea. In return, SmartMast data feeds the network, which Quartermaster offers to insurers, fleets, and energy operators. The company positions that network as the missing ocean layer in the datasets behind AI for trade, energy, and logistics - data it argues cannot be gathered from orbit or modeled from afar. With the Series B and debt facility in place, the next phase centers on engineering growth and bringing more vessels into the network. Don't miss the headlines. ON&T's top news, every week. More in Milestones

Synergy, Build617 open free Founders Space in downtown Boston. September 28, 2026 BOSTON - Real estate investment and management firm Synergy and Boston startup community Build617 have officially opened a new founders workspace in downtown Boston, creating a free place for early-stage companies and AI-focused startups to work, connect and build. The Build617 Founders Space was unveiled Thursday during a ribbon-cutting ceremony attended by Boston officials, startup founders, members of the local technology community and the Synergy team. The space is the centerpiece of a partnership between Synergy and Build617 that provides no-cost workspace to AI-native startups in the city. The initiative comes as Boston continues to attract activity from artificial intelligence companies, investors and entrepreneurs. Mayor Michelle Wu said the new space reflects Boston's ability to connect entrepreneurs with the city's universities, talent and broader innovation community. "Boston is where bold ideas become real-world solutions," Wu said. "We look forward to the growth and impact within this space and across our ecosystem of world-class research institutions, exceptional talent, and connected communities." A bet on keeping founders in Boston. For Synergy, the partnership represents an effort to support Boston's startup economy through its real estate portfolio. David Greaney, Synergy's founder and CEO, said the city has long produced entrepreneurs through its universities but faces the challenge of retaining that talent. "Boston's universities have always produced world-class founders. The challenge has never been talent, it's been keeping that talent here," Greaney said. Greaney said Synergy sees real estate as one way to support the entrepreneurs building companies in Boston. The Founders Space is already home to more than 20 companies working in areas including artificial intelligence, health care, financial technology and marketing. Build617 also works with partners including Stifel Venture Banking, CLA and Cooley. Nathan Spielberg, founder of Build617 and co-founder of Tamarin AI, said the partnership gives entrepreneurs a physical place to work alongside other founders. "Boston already has the founders, the talent, and the ambition to build the next generation of world-changing companies," Spielberg said. "What we need are more people willing to actually show up and build alongside them." Downtown Boston's evolving business landscape. The opening comes as downtown Boston's business environment continues to evolve, with technology and AI companies joining the area's traditional concentration of financial, professional services and other businesses. Build617 and Synergy said the Founders Space reflects their view that startups, venture capital firms and AI companies are increasingly concentrating in and around downtown rather than moving to suburban locations or other markets. The partnership also expands Synergy's involvement in Boston's business ecosystem beyond its traditional real estate activities. The Boston-based company owns and operates more than 30 commercial properties across Greater Boston totaling nearly 7 million square feet, according to the company. More than 500 companies, retailers and organizations occupy space in its portfolio. Synergy's activities include real estate investment, development, property management, leasing, construction, lending and hospitality. For Build617, the new headquarters is intended to provide more than office space by creating a community for founders developing companies in the city. The organization describes the space as a "co-building" environment for startups shipping products in Boston, with the goal of connecting entrepreneurs with resources, partners and one another. The companies said the partnership represents a long-term commitment to Boston's startup ecosystem, with the Founders Space serving as a physical base for entrepreneurs building the city's next generation of companies.