Canadian aquaculture technology company Poseidon Ocean Systems raised $20.75 million (€19.06 million) in its latest funding round.

The company, who is partnering with the world's largest salmon farmer, Mowi, to install new farm systems off the Canadian west coast, received investment from Ecosystem Integrity Fund and InBC Investment Corporation, along with additional investment support from existing shareholder Export Development Canada.

The funds will expand Poseidon’s manufacturing capacity and support its growth and delivery of its turnkey, Life Support Systems and Hybrid Sea Cage Systems, enabling it to continue expansion into Canadian, Chilean and UK salmon farming markets, as well as entering new ones.