Aquaticode Company Profile

Background

Overview

Founded in 2018 and headquartered in Stavanger, Norway, Aquaticode is a pioneering technology company specializing in artificial intelligence (AI) solutions for the aquaculture industry. The company focuses on enhancing seafood production by leveraging machine learning to address critical challenges in fish and shrimp farming. Aquaticode's mission is to boost global seafood production through innovative AI technologies, positioning itself as a leader in the blue food revolution.

Mission and Vision

Aquaticode aims to revolutionize aquaculture by developing AI-driven technologies that optimize farm production, improve operational efficiency, and promote sustainability. The company's vision is to become the go-to innovation partner across the value chains of multiple aquatic species, enabling farmers to produce more with less.

Key Strategic Focus

Core Objectives

Enhancing Aquaculture Efficiency: Develop AI solutions that increase growth efficiency and yield in fish and shrimp farming.

Non-Invasive Phenotype Prediction: Utilize machine vision to predict phenotypes, such as gender and health traits, without invasive procedures.

Sustainable Practices: Promote responsible consumption and production by improving feed conversion ratios and reducing resource exploitation.

Areas of Specialization

Machine Learning Applications: Implement deep learning infrastructures trained to recognize patterns and predict traits in aquatic species.

Product Development: Create hardware and software solutions like SORTpro and SORTmini for efficient fish sorting and health assessment.

Key Technologies Utilized

Deep Learning Infrastructure: AI models trained on extensive datasets to predict fish and shrimp phenotypes through machine vision.

Machine Vision Systems: Non-invasive imaging technologies for real-time analysis and sorting of aquatic species.

Primary Markets Targeted

Salmon Farming: Initial focus on salmon aquaculture, with products designed to optimize growth and health.

Shrimp Farming: Plans to expand solutions to shrimp farmers, addressing industry-specific challenges.

Financials and Funding

Funding History

Series A Funding: In August 2022, Aquaticode secured $6 million in its first external funding round.

Notable Investors

Nacre Capital: A venture builder specializing in AI within the life sciences, and the founder of Aquaticode.

Innocreative Capital: Participated in the Series A funding round.

Martin Halusa: Former chairman of Apax Partners, invested in the Series A round.

Einar Wathne: Chairman of the NCE Seafood Innovation Cluster and former Cargill director, also an investor.

Utilization of Capital

The funds are allocated to accelerate projects aimed at detecting, identifying, and predicting relevant performance traits across multiple marine species, enhancing product development and market expansion.

Pipeline Development

Key Products

SORTpro: An automatic, high-speed machine capable of sorting 10,000 juvenile salmon per hour based on gender and other traits.

SORTmini: A portable scanner designed for semi-automatic gender sorting of broodstock without relying on experts.

Development Stages

SORTpro and SORTmini: Launched in 2023, these products are currently in the commercialization phase, with ongoing enhancements based on user feedback.

Shrimp Solutions: Planned for launch in 2024, targeting phenotype prediction and health assessment in shrimp farming.

Target Conditions

Gender Sorting: Improving growth efficiency by creating homogeneous populations.

Health Assessment: Early detection of diseases and deformities to reduce mortality rates.

Anticipated Milestones

2024: Launch of shrimp farming solutions.

Ongoing: Expansion of AI capabilities to detect additional performance traits in various aquatic species.

Technological Platform and Innovation

Proprietary Technologies

Deep Learning Models: Custom AI models trained on extensive datasets of fish and shrimp images and videos.

Machine Vision Systems: Non-invasive imaging technologies for real-time phenotype prediction.

Significant Scientific Methods

Machine Learning Algorithms: Utilized to analyze visual data and predict traits such as gender, health status, and growth potential.

Data Annotation: Collaborated with over 15 industrial research partners to build a database of more than three million annotated images and videos.

Leadership Team

Stian Rognlid: Chief Executive Officer & Chairman.

Christoph Podes: Chief Operating Officer.

Aviram Bar-Haim: Chief Technology Officer.

Ana Silva: Chief Innovation Officer & Head of Innovation.

Rosario Herrera: Finance Manager.

The leadership team comprises experienced professionals with backgrounds in technology, operations, and finance, driving Aquaticode's strategic initiatives and innovation.

Leadership Changes

Adriana Castellano: Appointed as Country Manager for Chile in January 2024, leading operations and expansion efforts in this key market.

Competitor Profile

Market Insights and Dynamics

Market Size: The global aquaculture market is experiencing significant growth, driven by increasing demand for seafood and advancements in farming technologies.

Growth Potential: AI and machine learning applications in aquaculture are expected to enhance productivity and sustainability, offering substantial growth opportunities.

Industry Trends: There is a growing emphasis on sustainable practices, disease prevention, and operational efficiency in aquaculture.

Competitor Analysis

XpertSea: Specializes in AI-driven solutions for shrimp farming, focusing on data collection and analysis to optimize production.

Observe Technologies: Offers AI-based monitoring systems for fish farms, enhancing feeding efficiency and health management.

The Yield: Provides predictive analytics for aquaculture, assisting farmers in decision-making processes.

Aquaticode differentiates itself through its focus on non-invasive phenotype prediction and high-speed sorting technologies, addressing specific challenges in fish and shrimp farming.

Strategic Collaborations and Partnerships

NephroReduce Project: Collaborated with 14 industrial and academic partners to combat nephrocalcinosis, a significant health issue in aquaculture.

Industrial Research Partnerships: Engaged in over 15 partnerships to build a comprehensive database for AI model training.

Operational Insights

Strategic Considerations

Market Position: Aquaticode positions itself as a leader in AI solutions for aquaculture, focusing on enhancing efficiency and sustainability.

Competitive Advantages: Proprietary AI technologies, extensive research collaborations, and a focus on non-invasive methods provide a competitive edge.

Strategic Opportunities and Future Directions

Strategic Roadmap

Product Expansion: Launch shrimp farming solutions in 2024 and develop additional AI applications for various aquatic species.

Market Expansion: Strengthen presence in key aquaculture markets, including Chile and Norway.

Opportunities for Expansion

Technology Licensing: Explore licensing AI technologies to other aquaculture technology providers.

Research and Development: Continue investing in R&D to address emerging challenges in aquaculture.

Positioning for Future Objectives

Aquaticode's strong foundation in AI, strategic partnerships, and commitment to sustainability position the company to lead innovations in aquaculture, contributing to increased global seafood production and improved industry practices.