Halifax-based artificial intelligence (AI) startup ReelData, which develops software for monitoring and managing land-based fish farms, has raised $10.6 million CAD ($8 million USD) in a Series A funding round that closed in December 2022.
The all-equity funding was led by Buoyant Ventures, a Chicago-based venture capital firm that invests in digital solutions to climate risk. It also saw participation from other investors that focus on agriculture, which are S2G Ventures and The Nest Family Office.
“ReelData’s farmer-first approach has informed our deep understanding of the pain points that our partners are facing when it comes to scalability.”
According to ReelData, this investment will be allocated towards developing a precise and autonomous operating system to “unlock the future of land-based aquaculture and the sustainability advancements it promises.”
Founded in 2018 by Mathew Zimola and Hossein Salimian aims to solve issues around food production by supporting land-based aquaculture facilities. Its software helps farm operators analyze and adjust processes, which tend to be more cost and labour intensive than farms located on bodies of water.
ReelData’s debut product on the market can identify real-time fish population appetite and adjust feed levels accordingly. Named ReelAppetite, the company claims this offering has helped companies save up to $2 to $3 million USD on wasted feed per 10,000 metric ton annual production.
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Zimola told Entrevestor that ReelData intends to consolidate ReelAppetite with its second offering, RealBiomass, which tracks the size, weight, and the distribution of the fish populations with high degrees of accuracy. The outlet reported that ReelData plans to commercialize RealBiomass in the next quarter.
Crunchbase data denotes that ReelData has raised $10.8 million in funding to date. This includes S2G’s initial $2.5 million seed investment into ReelData in 2021, made through the VC firm’s Ocean and Seafood Fund. In that same year, ReelData also took part in Techstars’ Montréal AI accelerator. Additionally, the startup has received non-dilutive funding from various partners in the form of grants and tax credits exceeding $1 million USD.