Paisley, Scotland-headquartered Biotechnology firm WellFish Tech has successfully completed an interim financing round, which it said was oversubscribed.
WellFish Tech has developed a technology that allows it to perform non-lethal blood sampling of Atlantic salmon in aquaculture operations and use information it gains to provide salmon farmers with a range of forecasts on mortality and other health concerns. The company recently secured regulatory approval to perform its tests in Norway from the Norwegian Food Safety Authority and finalized a commercial partnership with Bergen, Norway-based Salmon Group.
The company said following those successes, it has had its interim financing round “significantly oversubscribed,” which it said signals confidence in the company’s technology.
“The response from investors reflects what we are hearing from customers,” WellFish Tech Group Finance Director Erik Tveteraas said in a release. “The ability to see what is coming 28 days out changes the business, and investors understand what that precision is worth commercially. The demand for physiological data in production decision-making is accelerating, aligned with increasing pressure to improve fish health outcomes.”
Tveteraas said investors were interested in both the company’s ability to provide mortality prediction and its future technology pipeline, “which is focused on expanding the application of physiological biomarkers into additional areas of fish health, welfare, and quality assessment.”
WellFish Tech said investors from Norway, the U.K., and the E.U. participated in the latest financing round. The company did not disclose the amount of money it gained via the interim financing round.
