Germany-based industrial conglomerate Siemens has invested in land-based aquaculture technology and supplier Singapore Aquaculture Technologies (SAT), giving the €80 billion ($94 billion) giant its first direct investment in the seafood sector via its new ventures arm.

Siemens Project Ventures snapped up the stake through a Series A financing round of S$9.2 million ($5.6 million/€6 million), making it the first institutional shareholder in the start-up.