London, U.K.-headquartered investment firm Vitruvian Partners has acquired majority ownership of dual-headquartered Bergen, Norway- and San Francisco, California, U.S.A.-based aquaculture technology company Aquabyte.
In a release about the news, Aquabyte said the “move will drive the next phase of our growth and enable us to further establish Aquabyte and our AI-powered monitoring technology as the leading solution for fish farmers in all key regions globally – including Norway, Chile, Iceland, the Faroe Islands, Canada, and Scotland.”
Aquabyte CEO Steve Tucker called Vitruvian the “ideal partner for [the] next phase of our journey given their local Nordic presence, deep experience in scaling category-leading technology companies, and long-term partnership mindset.”
Vitruvian Partners’ Jussi Wuoristo said that the firm was drawn to Aquabyte’s innovative technology and platform, which he said addresses “important challenges in global food production.”
“We have been deeply impressed by the team, the sophistication of the technology, and the value Aquabyte is delivering to many of the world’s leading salmon farms,” he said.
Vitruvian, which is headquartered in London but has a strong presence in Norway, currently has over USD 20 billion (EUR 17 billion) in active funds and has supported more than 17 Nordic projects.
Aquabyte has grown rapidly in recent years and provides technology support aimed at addressing numerous salmon-farming challenges, including determining the sexual maturation of salmon, and measuring and scoring the welfare of smolt. The company’s founder, Bryton Shang, was recently appointed to a senior advisor role at NOAA, where he supports applications of artificial intelligence in the agency’s work.
