Campbell River, British Columbia-based Poseidon Ocean Systems has closed a $28-million CAD ($20.75 million USD) Series B round of funding.
The round was led by Ecosystem Integrity Fund, a sustainability-focused venture capital fund, with participation from InBC and returning investor Export Development Canada. In a statement, Poseidon CEO Jamie Gaskill called the round an “inflection point” for the startup, which allows it to dedicate new resources to manufacturing.
In a statement, InBC CEO Jill Earthy said Poseidon’s technology is allowing fish farms “to be more productive, sustainable and resilient.”
“This comes at a pivotal time for many of our customers, as changing environmental and regulatory conditions demand modern technology to meet their operational requirements,” Gaskill added.
Founded in 2015 by Heather Clarke and her husband, Matt, Poseidon develops and offers a wide range of solutions for the aquaculture industry, which specializes in the breeding, raising, and farming of fish and other aquatic life.
The Food and Agriculture Organization of the United Nations predicts that by 2030, fish farming will be responsible for almost two-thirds of the fish consumed globally, playing a key role in the future of food security. However, the industry is frequently criticized for being unsustainable, specifically contributing to water pollution, facilitating the spread of disease and parasites, and creating harmful effects on the surrounding marine ecosystem.
Poseidon’s are aimed at helping fish farmers reduce the environmental impact of fish farming while also improving fish welfare. The startup offers an integrated life support platform that defends against harmful organisms, reduces stress, and increases survival and yields from fish.
The startup also offers integrated cage tech designed to create more optimal environments for fish, a water quality management product, and semi-closed marine aquaculture systems.
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“The aquaculture industry plays an important role in BC’s economy as well as our food security,” InBC CEO Jill Earthy said in a statement. “InBC’s investment into Poseidon is backing a BC company, established here in Campbell River, whose innovative solutions are enabling fish farms here and across the world to be more productive, sustainable and resilient, while meeting the increased global demand for sustainable protein.”
According to a statement from Poseidon, its customers include some of the world’s largest salmon farmers. The startup has also previously won an Aquaculture Innovation Award from Innovate BC and more recently been selected to be part of Innovate BC’s Fast Pilot Program.
Fish farming is big business in Poseidon’s home province, and the provincial government has recently sought to transition away from open-net farming in coastal waters. Last year, the province said it would shut down 15 salmon farms over their risk to wild salmon populations.
Poseidon plans to use the new funding to deepen its relationships with clients in Canada, Chile, and the United Kingdom, and expand into new markets globally.
Feature image courtesy Unsplash. Photo by Lance Anderson.