January 29, 2021
Canada's Poseidon receives new investment to drive aquaculture innovations
Poseidon Ocean Systems, a Vancouver, Canada-based aquaculture technology company, has raised $5 million to further optimise and deliver innovations for sustainable seafood farming.
A Series A financing led by Ag Capital Canada (ACC) will help Poseidon fuel engineering and delivery of new proprietary technologies to the market.
"Ag Capital Canada was the perfect choice to lead our Series A, as they are focused on food production in Canada, the advancement of ag technologies and entrepreneurship," said Heather Clarke, co-founder of Poseidon.
The company has been a global leader in aquaculture solutions and technology, having introduced 15 innovative products to address challenging problems facing the aquaculture industry, and currently has four pending patents for marine engineering solutions.
Over the past two years, Poseidon had introduced two key aquaculture innovations - the Trident Hybrid steel cage system and the Flowpressor™ compressor system - that are focused on the quality and safety improvement of salmon farming operations.
Trident Hybrid allows fish farmers to operate confidently in higher energy locations with the cage system's advanced safety, strength and stability features. It supports a seamless transition to advanced technologies such as rigid nets and floating closed containment without the need to invest in new structures.
Flowpressor reduces energy consumption and cuts down the carbon footprint of off-the-grid fish farming systems. The compressor system is designed to improve water quality while reducing diesel fuel consumption by up to 56%. When combined with Poseidon's IOT firmware, Flowpressor helps provide farmers significant operational advancements.
"We can lower capital costs, shrink equipment space requirements and drive higher profits for our customers around the world, while also delivering environmental returns for the planet," said Rick Segal, CEO of Poseidon Ocean Systems. "That's the operational and financial advancements of integrating Poseidon's engineering, mechanical and software systems."
John Lansink, managing partner at Ag Capital Canada, said he is impressed by Poseidon's technologies and management team.
"The company is in a growth position, ready to capitalise on a macro trend to meet global protein demand. Poseidon's systems can cut operating costs and improve efficiency for the industry, and create healthier fish," Lansink said.