© Poseidon Ocean Systems
Poseidon Ocean Systems, a producer of infrastructure and technology solutions for salmon aquaculture, has announced the completion of a $20.7 million series B financing round led by Ecosystem Integrity Fund.
The aquatech company plans to use the funds raised to support the Company’s growth and delivery of their innovative Life Support Systems and Hybrid Sea Cage Systems, whilst also increasing their manufacturing capacity. Through these technologies, Poseidon aims to provide a compelling value proposition for modern salmon farming operations; increasing yields, reducing operating costs and improving environmental outcomes.
Poseidon provides aquaculture solutions, such as aeration technology and innovative sea cage systems, to some of the world’s largest salmon farmers, and this new funding will enable the company to continue their expansion into global markets; deepening their relationships with Canadian, Chilean and UK farmers, whilst also exploring new markets.
“This funding represents an inflection point for the Poseidon team, allowing the company to target key growth areas for the business as well as dedicate new resources into our manufacturing capabilities. This comes at a pivotal time for many of our customers, as changing environmental and regulatory conditions demand modern technology to meet their operational requirements,” said Jamie Gaskill, chief executive officer of Poseidon, in a press release announcing the funding success.
The funding round was led by the Ecosystem Integrity Fund (EIF) - a “sustainability focussed” venture capital fund.
“EIF is excited to lead Poseidon’s series B financing, as we believe the company’s innovations can play an important role in minimising environmental impact and improving fish health. We are confident that Poseidon’s solutions are the future of sustainable aquaculture, and the company is poised for significant global growth,” said EIF managing partner James Everett.
