Announcing our 3.5M seed round
Today, the Aquabyte team is proud to announce a 3.5M seed round co-led by NEA and Costanoa Ventures.
At Aquabyte, we build computer vision and machine learning algorithms that help fish farmers manage their operations better. Specifically, we build algorithms to help with biomass estimation and sea lice counting. In the context of a 50% protein deficit by 2050, fish farming is one of the most efficient ways to grow protein and is a hugely important problem for society.
We originally started this company with the concept of applying machine learning in a way that fit certain characteristics of making a key decision with feedback loop in a high dollar / m³ context. That high-level idea has evolved and transcended into a business that has a clear mission, purpose, and raison d’etre: one that has enormous implications on food sustainability and fulfills a demand that can only be viscerally intuited by the level of reception we have seen in Norway.
Aquabyte started with a serendipitous catch up and conviction from Amit Mukherjee at NEA back in early 2017. Since then, we have worked with variety of partners: from NEA and Costanoa Ventures (co-leading this round), to Alliance Venture, Struck Capital, Princeton University, and other great investors that wholeheartedly believe in our mission and represent our commitment to the US and Norway.
Norway is the largest salmon farming market and is our initial primary focus. We plan to grow our business here and expand to other countries and modes. With the seed round, we plan to hire computer vision and machine learning engineers in SF working with our team in Bergen, Norway. We believe our two teams working together we can leverage the best of both countries.
Eventually, fish will be grown in tanks very close to home, and with that the industry will need more and more automation. We address a $180B market for fish farming, one that is the fastest growing sector of food production.
In the coming year, we will need to hire out a growing team in SF and Bergen of computer vision and machine learning engineers. We are excited about an amazing 2017 and the adventures to come in 2018.
As the Norwegians like to say, Skål!
