Canadian AI solution provider ReelData on Wednesday announced it closed an $8 million (€7.4 million) series A funding round led by Buoyant Ventures. Additional investors include Walton-backed S2G Ventures and The Nest Family Office.
ReelData intends to use the funding to develop a precise and autonomous operating system to unlock the future of land-based aquaculture and the sustainability advancements it promises, it said.
The company's ReelAppetite autonomous appetite adjustment system allows land-based fish farmers to identify real-time fish feeding needs and adjust feed levels accordingly to maximize biomass while limiting waste.
ReelData’s latest offering, ReelBiomass, can monitor the size, weight and distribution of fish populations with high degrees of accuracy, removing the need for intrusive weigh-ins, which cause high levels of stress for the fish and ultimately decrease its growth rate, the company said.
“Scaling the global land-based aquaculture industry is critical in both our fight against climate change and our ability to feed a growing population,” said Matthew Zimola, co-founder and CEO of ReelData.
“Following our initial investment, we have been continuously impressed by the innovation and sustainability-related benefits that ReelData is bringing to the table,” said Larsen Mettler, managing director at S2G Ventures.
Buoyant Venture is a female-led venture that invests in startups leveraging software and simple hardware to address climate change across the energy, transportation, agriculture, water, and the built environment industries.
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