LONDON, 20 November 2019: Oslo-based, CageEye which has developed tools to analyse and understand fish behaviour in cages has announced the acquisition of NorseAqua. Based in Bindal, Norway, NorseAqua develops and produces equipment for the fish farming industry. The acquisition will strengthen CageEye’s position in the aquaculture technology industry and create new opportunities for the Company in Norway and beyond.
The acquisition will bring together two companies which share the aim of helping fish farmers sustainably optimise their business using technology. CageEye’s easy-to-install solution delivers fully automated, appetite-controlled feeding, which can substantially reduce feed waste, which is a major cost for producers. The system, developed in collaboration with the Norwegian Institute of Marine Research, uses acoustic data and advanced analytics to detect when the fish are hungry or full. Fish farmers can then deliver feeding regimes that maximise growth while reducing feed waste and improve animal health and welfare.
NorseAqua was one of the first companies to introduce cleaner fish to the Norwegian market, as a sustainable and environmental way of dealing with sea lice problems. Entrepreneur Lars Berg-Hansen started NorseAqua in 2014 because he saw the potential to help fish farmers. The Company has grown substantially and now serves some 3.000 salmon cages, providing 4,500 products in Norway, Iceland, Scotland, Faroe Islands and Canada.
The acquisition of NorseAqua is another step in accelerating the Company’s growth. CageEye’s management has a plan to expand the business into new geographies and other species besides salmon. CageEye is already working with some of the world’s leading salmon producers in Norway, and recently commenced operations in Chile.
The strategy is supported by CageEye’s investors including Breed Reply, a leading active operational investor in early-stage Internet of Things (IoT) businesses. CageEye is one of Breed Reply’s pan-European investment portfolio of 22 early-stage IoT businesses (including 2 exits) in a variety of different sectors. The sectors include health & wellness, industrial IoT, smart buildings and cities, security and platforms.
Emanuele Angelidis, Managing Partner of Breed Reply, said: “This acquisition is an exciting step in the development of CageEye. CageEye is a terrific example of how IoT can be used to improve an industry, in this case, fish farming, not only to make it more profitable but also more sustainable. The team at CageEye has a clear plan to accelerate the Company’s growth both geographically and in terms of the fish species they can support. As a long-standing investor, we think the acquisition of NorseAqua will help deliver that.”
Bendik S. Søvegjarto, CEO, CageEye, said: “By acquiring NorseAqua, we have increased our development power, broaden our network and extended our support network. I am confident it will help us to reach our goals and ultimately, help provide the future global population with 8 billion extra and sustainably produced meals per year in 2025”
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Breed Reply, Reply's active operational investor, funds and supports the development of early-stage companies in the Internet of Things (IoT) in Europe and the USA. Based in London, with operational offices in Germany and Italy, Breed Reply supports entrepreneurs and young talent by quickly bringing new ideas to the market. This is done via three fundamental services: funding at early-stage level; active operational involvement with significant know how transfer of business, managerial and technological expertise; and go-to market support through the extensive Reply network. Breed Reply focuses on Health, Fitness & Wellness, Smart Building & Cities, Security, Industrial IoT, Big Data, Platforms, Drones.
CageEye is a global company, headquartered in Oslo, Norway, that develops tools to analyse and understand fish behaviour in cages. It is CageEye’s mission to optimise seafood production in the most responsible, respectful and sustainable way. To do so, the Company uses a unique hydroacoustic technology that delivers deep analytical insights and translates fish behaviour into knowledge and thorough understanding. This understanding enables fish farmers to determine feeding regimes that maximise growth while reducing feed waste and improving animal health and welfare. The goal: using as little resources and energy as possible and improving (environmental) sustainability in fish farming at the same time.
NorseAqua develops and produces equipment for fish farming and cleaner fish. The Company is based in Bindal, Norway and serves customers in Norway, Iceland, Shetland, Scotland, Faroe Islands and Canada. NorseAqua helps farmers to produce more efficiently and fight some of the challenges they are facing. It was one of the first companies to introduce cleaner fish to the market to fight sea lice problems. This approach has transformed the way farmers do their business.