ShapeShapeauthorShapechevroncrossShapeShapeShapeGrouphamburgerhomeGroupmagnifyShapeShapeShaperssShape

Sponsor message

New 100% online training course from FishVet Group and Benchmark Knowledge Services on The Health and Welfare of Atlantic Salmon

Steel fish farm startup lands $5 million in funding

The Fish Site
by The Fish Site
14 January 2021, at 7:40am

Poseidon Ocean Systems, a Canadian company specialising in the development of salmon farming infrastructure, has raised $5 million in Series A funding.

Poseidon's co-founders, Heather and Mathew Clarke
Poseidon's co-founders, Heather and Mathew Clarke

© Poseidon Ocean Systems

The investment is led by Ag Capital Canada (ACC), a private equity fund based in Ontario, with additional follow-on investment from Export Development Canada (EDC).

Over the past two years, Poseidon has introduced two key aquaculture innovations, both with a focus of improving quality and safety of salmon farming operations. The first, the floating Trident hybrid steel cage system, has been designed for higher energy locations.

The second, called the Flowpressor compressor system, was designed to improve water quality while reducing diesel fuel consumption at off-grid fish farms by up to 56 percent.

“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,” explained Rick Segal, CEO of Poseidon Ocean Systems. “That’s the operational and financial advancements of integrating Poseidon’s engineering, mechanical, and software systems.”

“We were able to check all the boxes with this investment,” said John Lansink, managing partner at Ag Capital Canada. “We are 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.”

“The Poseidon leadership team brought their technologies to market amazingly quickly. Their culture of collaboration with stakeholders, commitment to developing their products within Canada and strong relationships with global customers and partners were key factors driving us toward closing this partnership agreement,” he added.

Poseidon’s leadership team is comprised of Rick Segal, formerly of Microsoft and Samsung, as well as co-founders Heather and Mathew Clarke.

 

The Health and Welfare of Atlantic Salmon course

It is vital that fish farm operatives who are responsible for farmed fish are trained in their health and welfare. This will help to ensure that fish are free from disease and suffering whilst at the same time promote good productivity and comply with legislation.

Find out more

“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, CFO and co-founder of Poseidon. “The partners bring a wealth of hands-on experience, particularly in agricultural systems deployment – and they are fully Canadian.”