ReelData AI, a company that uses artificial intelligence (AI) to provide customized data and automation to land-based farmers, has closed an $8 million Series A funding round led by Buoyant Ventures. The funding round also saw participation from S2G Ventures and The Nest Family Office.
With over 3 billion people in the world currently relying on seafood as a significant source of protein, land-based aquaculture is becoming increasingly important in feeding the world's rapidly growing population. According to the United Nations Food and Agriculture Organization (FAO), aquaculture production is projected to reach 109 million tonnes in 2030, an increase of 32 percent over 2018.
ReelData's CEO and co-founder, Mathew Zimola, believes that scaling the global land-based aquaculture industry is crucial in both fighting climate change and feeding a growing population. "Our 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", he said.
The land-based aquaculture industry has ambitious goals, with aquaculture being one of the fastest growing segments of food production. However, the continued pace of expansion rests on scaling land-based operations, which can be complex and require real-time, accurate decision-making. ReelData plans 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.
Amy Francetic, managing general partner and co-founder of Buoyant Ventures, said, "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".
ReelData is a Nova Scotia-based start-up that was founded with a passion for sustainability and entrepreneurship. The Canadian company recognized a need in a new market and has since built a team of over 30 employees, serving clients of various sizes in multiple countries around the world. ReelData is rapidly scaling to assist land-based aquaculture farms in reaching their full potential through the use of AI-aided technologies, with agreements such as the one signed with Salmon Evolution to provide them with their feeding software, ReelAppetite. Despite being a relatively young company, ReelData has already gained recognition as one of the most promising technology companies in the aquaculture industry.