Aquabyte has raised money from Costanoa Ventures, New Enterprise Associates, Alaya Capital Partners, Alliance Venture and Struck Capital
Aquaculture tech startup raises USD 10 millon in funding
Wednesday, June 12, 2019, 02:10 (GMT + 9)
Aquabyte, the aquaculture startup employing computer vision and machine learning software to dramatically improve fish farming efficiency, today announced it has raised USD 10 million in Series A funding, co-led by existing investors Costanoa Ventures and New Enterprise Associates, Inc., (NEA), with participation from Alaya Capital Partners, Alliance Venture, Struck Capital, and other angel investors.
Fish farming represents the fastest growing food production sector in the world, presently a USD 240 billion global industry, and Aquabyte believes that now is the time to reduce its cost -- both environmental and financial. By arming farms with underwater stereoscopic cameras that determine fish health, size, and optimal feed quantity, Aquabyte's products aim to reduce fish farm operational cost, decrease fish mortality, and minimize environmental impact on surrounding ecosystems.
Earlier this year, Aquabyte launched general availability in Norway and has begun working with the leading Norwegian salmon and trout farms. To date, more than a petabyte of fish images have been processed and more than 2.5 million fish have been scanned. Through their novel algorithms, they are able to detect the weight of a group of fish within 0.8 percent of the true weight, 95 percent of the time. Aquabyte has also detected more than 100,000 "sea lice," a minuscule yet deadly parasite that latches onto salmon and has recently plagued the aquaculture industry.
"The success we've achieved in just two years has surpassed our expectations," noted Bryton Shang, Founder and CEO of Aquabyte. "We couldn't be happier with the difference our technology is already making at the fish farms where it is in use and the enthusiastic support of the farmers and the Norwegian government."
"NEA has built a deep thesis around computer vision-based technology," said Amit Mukherjee, Partner at NEA. "We believe that Aquabyte's computer vision solution for aquaculture is one of the best real-life applications we've seen. We are fortunate to have worked with Bryton since Aquabyte's incubation stage, and are thrilled to continue partnering with the team."
Aquabyte solution offers easy installation, continuous monitoring and multiple applications. (Photo: Aquabyte)
With the new funds, Aquabyte will accelerate product development by doubling its team and expand into new geographies including Scotland, Canada, and Chile. It will also grow its product line to include estimating fish appetite and quality, predicting sea lice outbreaks, and automating feeding.
"Aquabyte's solution to a real-world problem is well on its way to transforming an industry," stated Greg Sands, Founder and Managing Partner of Costanoa Ventures. "It's rare to see a single company have so much impact this quickly. The team at Aquabyte is demonstrating what it means to lead an industry."