Aquaculture AI firm reels in $8 million

A Canadian technology business offering data and automation solutions to land-based fish farmers has raised more than US $8m in funding.

ReelData AI has developed a product, ReelAppetite, that identifies real-time population appetite and adjusts feed levels accordingly to maximise biomass while limiting waste. This technology, ReelData says, has helped save companies up to US $2-3 million on wasted feed per 10,000 MT annual production – in addition to related savings generated from increased growth rate and reduced production risks.

The company’s Series A funding round, which has just closed, was led by Buoyant Ventures – a venture fund focused on mitigating climate change – while additional investment was provided by S2G Ventures and The Nest Family Office.

“Following our initial investment, we have been continuously impressed by the innovation and sustainability-related benefits that ReelData is bringing to the table,” said Larsen Mettler, managing director at S2G Ventures. “The company’s pace and efficiency in bringing new technologies to the sector are unparalleled and driving impressive results for its partners, enabling them to increase growth while decreasing costs and environmental impact.”

ReelData’s latest offering is ReelBiomass, which it says is the only biomass estimation camera system built from the ground up for RAS (recirculating aquaculture systems) and flow through facilities. The ReelBiomass technology can monitor the size, weight and distribution of fish populations with high degrees of accuracy, removing the need for intrusive weigh-ins, which cause high levels of stress for the fish and ultimately decrease growth rate.

Mathew Zimola, co-founder and CEO of ReelData, said: “Scaling the global land-based aquaculture industry is critical in both our fight against climate change and our ability to feed a growing population.

“ReelData’s farmer-first approach has informed our deep understanding of the pain points that our partners are facing when it comes to scalability. Our ability to solve those problems through the use of AI and automation is helping to push the boundaries of our industry’s capabilities.”

Larsen Mettler