ZIM INTEGRATED Shipping Services and Marius Nacht have jointly invested in a Series B Financing round of WAVE BL, a company developing a blockchain network supporting paperless trade in the shipping industry.

The two investors co-lead a round of about US$8 million that will accelerate global implementation of WAVE BL’s technology.

In 2017, ZIM conducted a paperless bill of lading pilot project with WAVE BL’s platform.

ZIM said digitisation of bills of lading is revolutionising shipping documentation, as it reduces time, complexity, errors and costs for all parties involved while maintaining a security.

WAVE BL said its decentralised, digital documentation system aligns with international rules and standards.

Proceeds of the investment round will be used to support development of WAVE BL’s business and further implementation of its pioneering technology supporting paperless trade in the shipping industry, as well as in other sectors.

ZIM president and CEO Eli Glickman said the container liner’s early adoption of WAVE BL’s platform has proven successful.

“Today, ZIM is an industry leader in paperless shipping processes, and we are seeing growing interest from others in our sector to adopt the platform reflecting the significant benefits it provides to both customers and carriers,” Mr Glickman said.

“This new investment in WAVE BL is a step forward in the path to a more digitized and sustainable future, in accordance with our vision and values.”

ZIM CIO Eyal Ben-Amram said: “Since completing the integration of WAVE BL’s platform with our system, we can offer every customer the ability to enjoy the vast benefits of paperless shipping, which is especially crucial during COVID-19.”

And WAVE BL CEO Gadi Ruschin said his company’s partnership with ZIM enabled it to introduce the technology to a large audience as it works to become the shipping industry standard in paperless trade.

“We are extremely pleased with the continued faith and commitment of ZIM and Marius Nacht in our company and look forward to leading the wave of the future in shipping,” he said.

Ophir Shoham, who leads Marius Nacht’s investments in high-tech: “We are proud to continue supporting WAVE BL’s remarkable technology and believe in its disruptive potential, leading to a fundamental change in the way business is conducted across countless sectors and industries. We are very impressed with the great progress the team has made and excited to invest in WAVE BL’s trail-blazing platform.”