ReelData AI announces $8 million Series A funding round
January 11, 2023 By Maryam Farag
ReelData AI, a company leveraging AI to provide customized data and automation to land-based farmers, announced it has closed an US$8-million Series A funding round led by Buoyant Ventures. Additional investment was also provided by S2G Ventures and The Nest Family Office.
“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 Mathew Zimola, co-founder and CEO of ReelData. “ReelData’s farmer-first approach has informed our deep understanding of the pain points that our partners are facing when it comes to scalability. Our ability to solve those problems through the use of AI and automation is helping to push the boundaries of our industry’s capabilities.”
ReelData intends to use the funding it has raised to develop a precise and autonomous operating system to unlock the future of land-based aquaculture and the sustainability advancements it promises.
“Our investment in ReelData represents our belief that advancing sustainable seafood production is critical for both the health of our planet and its people. We look forward to working closely with them on their mission to become the premiere digital solution for the land-based aquaculture industry,” said Amy Francetic, managing general partner and co-founder of Buoyant Ventures.
ReelData’s first product on the market – ReelAppetite – identifies real-time population appetite and adjusts feed levels accordingly to maximize biomass while limiting waste. “This technology has helped save companies up to US$2-3 million on wasted feed per 10,000 MT annual production. In addition to related savings generated from increased growth rate and reduced production risks.”
“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. “The company’s pace and efficiency in bringing new technologies to the sector are unparalleled and driving impressive results for its partners, enabling them to increase growth while decreasing costs and environmental impact.”
ReelData’s latest offering is ReelBiomass, a biomass estimation camera system built from the ground up for RAS and flow through systems. The ReelBiomass technology can monitor the size, weight and distribution of fish populations, removing the need for intrusive weigh-ins, which cause high levels of stress for the fish and ultimately decrease its growth rate.
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