August 18, 2020

Hatch aquaculture accelerator launches fourth programme, announces selected startups

The Hatch aquaculture acceleration programme has recently welcomed eight startups as its managing partner and co-founder, Georg Baunach, launched its fourth programme in Bergen, Norway, on  August 17.

The companies are ANB Sensors, The Plant-based Seafood Company, Smart Oysters, CFeed, Sea Warden, ExciPlex, SuSeWi and Blue Lion Labs.

UK-based ANB produces calibration-free pH sensors and have 10 patents filed on their technology. The Plant-based Seafood Company produces a plant-based shrimp in the United States. Smart Oysters, which is based in Australia, has developed a farm management software system for oyster farms. C-Feed, from Norway, is involved in the production and distribution of copepods as a live starter feed for marine finfish and shrimp.

SeaWarden provides remote auditing and data analytics solutions to reduce the cost and complexity of certifying farmed seafood and plans to develop a means of auditing through satellite observations, image capture and data storage and analytics. Exciplex is developing a novel way to detect mycotoxins in fish feeds and aims to produce a handheld testing device. SuSeWi is involved in replicating algal blooms on land, in raceways – both to produce algae for aquafeeds and as a method of carbon sequestration.

Blue Lion Labs, which is based in Canada, is developing machine learning and AI software to detect potentially harmful algal species and sea lice larvae in the ocean, allowing farmers to take preventative action.

"Our selection process includes a number of interviews between the company and the Hatch team, and internal due diligence. Our due diligence process includes looking into the team, understanding the technology, market analysis, verifying the traction received to date and consulting the Hatch network," explained India Boyer, dealflow manager at Hatch. Boyer said Hatch's decision to invest in the eight startups was based on its belief that these companies are leading developments for aquaculture and alternative seafood innovations.

The startups will each received $75,000 in cash and $55,000 in-kind services – the bulk of the latter taking place in an intensive 16-week accelerator programme. While this normally takes place in Hatch's offices in Bergen, Singapore and Hawaii, this year, it will take place via webinars and remote mentoring sessions from some of the leading figures in aquaculture and business, including Einar Wathne, former CEO of EWOS; Øyvind Fylling-Jensen, CEO of Nofima; and US-based sustainable aquaculture champion, Jennifer Bushman.

Hatch has so far invested  in 38 companies after close to three years in operation.

- The Fish Site