Automated feeding software firm ReelData AI has received USD 8 million (EUR 7.4 million) through a Series A funding round backed by Buoyant Ventures, S2G Ventures, and The Nest Family Office.
Halifax, Nova Scotia, Canada-based ReelData was founded in 2018 with the goal of providing software solutions to increase the profitability, sustainability, and scalability of land-based aquaculture. Its SAAS products include artificial intelligence-informed feeding systems, biomass estimation, and health and stress analytics. It is a key technical partner of Swiss Blue Salmon and Salmon Evolution, providing artificial intelligence solutions to support the companies’ land-based salmon farms.
The new funding will be used to advance the company's work using artificial intelligence to build out a “precise and autonomous operating system to unlock the future of land-based aquaculture and the sustainability advancements it promises,” ReelData Co-Founder and CEO Mathew Zimola said in a press release.
"Scaling the global land-based aquaculture industry is critical in both our fight against climate change and our ability to feed a growing population," Zimola said. "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."
ReelData's first product on the market - ReelAppetite – helps recirculating aquaculture system (RAS) and flowthrough system operators identify fish appetite and automatically adjusts feeding levels to limit waste.
“This technology has helped save companies up to USD 2 million to USD 3 million [EUR 1.9 million to EUR 2.8 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 said.
ReelData's latest offering is ReelBiomass, which is able to automatically gauge and monitor the size, weight, and distribution of fish populations in land-based systems.
Larsen Mettler, the managing director of S2G Ventures, which initially invested in ReelData in July 2021, said the company continues to embody the values of the sustainability-focused fund.
"Following our initial investment, we have been continuously impressed by the innovation and sustainability-related benefits that ReelData is bringing to the table," Mettler said. "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."
Buoyant Ventures, a female-led venture fund investing in start-ups that leverage software and simple hardware to address climate change across the energy, transportation, agriculture, water, and built-environment industries, was also drawn in by ReelData’s potential to boost the aquaculture sector’s sustainability efforts.
"Our investment in ReelData represents our belief that advancing sustainable seafood production is critical for both the health of our planet and its people,” Buoyant Ventures Co-Founder and Managing General Partner Amy Francetic said. “We look forward to working closely with them on their mission to become the premiere digital solution for the land-based aquaculture industry.”
Photo courtesy of ReelData
