ReelData bags $2.5M funding for AI feeding software
Canadian artificial intelligence (AI) solutions company ReelData has landed $2.5 million in seed investment from American venture capital firm S2G Ventures to further develop its fish feeding software for land-based aquaculture application.
Over the last two years, the Canadian company has developed a pioneering artificial intelligent feeding software specifically designed for land-based aquaculture. ReelData says its automated feeding system helps land-based aquaculture operators boost the accuracy of its feeding operations and avoid wasteful overfeeding and growth-inhibiting underfeeding.
The company is currently working with several leading land-based fish farms including Atlantic Sapphire.
ReelData’s Automated Feeding System is solving one of the biggest business and sustainability problems facing land-based aquaculture. Inaccurate feeding leads to wasteful overfeeding and growth-inhibiting underfeeding, both of which are costly and produce health risks by altering water quality.
Mathew Zimola, chief executive officer of ReelData said his company will use S2G Ventures’ investment to scale its A.I. feeding software across the land-based industry. The company will also continue the development of their land-based biomass estimation camera, and build a predictive health analytics platform.
To be closer to some of their current and future clients, ReelData also plans to open an office based in Europe.
“This funding is all to build out technology and support the farmers and industry ReelData wholeheartedly believes in,” a press release from the company said.
S2G Ventures invests in food supply chain. The company’s previous investments include Beyond Meat, Good Eggs, and many more. In 2020 S2G Ventures expanded with a 100M ocean and aquaculture specific fund to increase innovation and sustainability within seafood.