Biotechnology company ViAqua Therapeutics announced that its recently-completed 4.3 million (EUR 3.5 million) funding round will be used to support the commercialization of its first product dedicated to improving shrimp health.
The financing round attracted a series of new investors in the Israel-based business, which is responsible for the development of an orally administered RNA-particle platform to promote and improve animal health in aquaculture. The new investors – S2G Ventures (S2G Oceans and Seafood Fund), Thai Union, and Agriline – join Nutreco, Visvires New Protein, The Trendlines Group, and the Technion Israel Institute of Technology in financially supporting the biotech developer.
ViAqua utilizes RNA and an encapsulated delivery method to promote shrimp health against various viral challenges plaguing the sector, it said in a press release.
“The mortality rates associated with a viral outbreak can reach 100 percent within several days of onset, leading to massive financial losses for shrimp producers. Viral diseases have plagued the shrimp industry for decades with little to no effective treatment options,” the company said.
Estimated costs associated with disease in the shrimp farming category have led to a 30 to 40 percent drop in global shrimp production annually, ViAqua added.
“Historically, the challenge with RNA-based technologies includes the costs of production and efficient delivery in an aquatic environment. ViAqua’s platform technology addresses these challenges through its proprietary production platform and novel encapsulation delivery method,” the firm said.
S2G Ventures Oceans and Seafood Managing Director Larsen Mettler said ViAqua’s approach and innovations offer considerable market opportunities. Launched in 2020, S2G Ventures has pledged to invest up to USD 100 million (EUR 84.7 million) in early-, venture-, and growth-stage companies that are targeting innovations in seafood, alternative protein sources, aquaculture, supply chain innovations, traceability and transparency, algae or seaweed products, and ecosystem services.
“We are incredibly excited to support ViAqua in their mission to improve animal health and address aquatic diseases while minimizing environmental impact,” Mettler said. “We are thrilled to partner with this talented team and international group of co-investors that reflect the massive market opportunity.”
Thai Union President and CEO Thiraphong Chansiri said his company sees the potential of ViAqua’s technology.
“Disease prevention is a primary concern in the aquaculture sector and ViAqua has a promising technology platform to help manage health of shrimp and other species. Thai Union is looking forward to supporting ViAqua as they help the global aquaculture industry address this challenge,” Chansiri said.
As ViAqua ventures forward with its new investor support, scaling up production for commercialization is in order, according to CEO Shai Ufaz.
"We are delighted to attract the support of new investors at S2G Ventures and Thai Union, in addition to the ongoing commitment from The Trendlines Group, Nutreco, VisVires New Protein and the Technion,” Ufaz said. “We look forward to scaling up production for commercialization and are excited on expanding our product pipeline to address some of the world’s most pertinent diseases in aquaculture.”
Photo courtesy of ViAqua Therapeutics
