Edinburgh-based anti-piracy equipment developer ARX Maritime has revealed a 300% year-on-year growth since it was founded in 2016.

The Scottish business specialises in developing technology that utilises Artificial Intelligence (AI) to equip shipping vessels with cost-effective ways to protect them from piracy to ensure all ships are suitably and safely equipped for hostile waters.

Currently a cohort of the Royal Bank of Scotland’s Entrepreneur Accelerator programme, the company supplies its product to 65 countries and employs 12 members of staff. It is now protecting more than $9 billion in shipping assets globally.

After spotting a gap in the market, ex-Royal Marine Steve Regis co-founded the company with Josh Hutchinson to provide shipping businesses with self-install risk prevention tech products.

Regis has extensive experience advising captain’s of commercial vessels, such as oil tankers, on how best to protect their cargo from Somali pirates. It was while doing this he realised there was a need for better tech to help protect ships.

Regis, said: “Shipping companies spend around half a billion dollars each year on anti-piracy security equipment, and many smaller vessels simply can’t keep up with the cost. Instead, they tend to use barbed wire, which rusts and can be easily cut. ARX was set up to provide shipping companies with a cost-effective solution.

“The business has grown much quicker than anticipated, and we’ve been lucky to have the support of experts and other entrepreneurs through Royal Bank’s Entrepreneur Accelerator programme in Edinburgh.

“Scotland has one of the best entrepreneurial ecosystems in Europe, and we’ve found at the heart of the start-up network is a will to help each other out. We’re ‘graduating’ from the programme this year, but will continue to advise other programme start-ups and help where we can.”

Gill Rattray, entrepreneurial growth manager at Royal Bank of Scotland, said: “The rapid growth of ARX Maritime is thanks to Steve spotting a gap in the market and dedicating himself to the development of the business.

“Steve has been heavily involved in the Entrepreneur Accelerator programme for a number of years and continues to actively support other new businesses, an integral part of a strong start-up network.”