Oslo-based aquatech company Bluegrove has raised NOK 120 million (€12 million/$13 million) in a private offering from existing shareholders.
The round was led by Dutch aquaculture investment fund Aqua-Spark, European technology investment firm Breed Reply, and other stakeholders, including the company’s founders Joakim Myrland and Bendik Sovegjarto.
“This Series B round will enable the company to scale globally,” said Bendik Sovegjarto, the company’s CEO and co-founder.
Last year, the company received a €3.5 million ($ 4 million) award from the European Innovation Council (EIC) to further develop and commercialize its welfare shield technology.
Bluegrove, which was formerly called Cageeye, is developing a technology to optimize and automate fish feeding.
In 2019, the company acquired Norwegian fish farming and cleanerfish equipment producer NorseAqua, and a year later it acquired underwater camera vision technology company Selab.