BioFishency Raises $2.4 Million for its Water Treatment Systems for Aquaculture
BioFishency Ltd. a portfolio company of The Trendlines Group Ltd. announced that it has completed an investment round of $2.4 million. The primary investors in the round were a private investor from China, Aqua-Spark, a global investment fund based in the Netherlands, and The Trendlines Group.
BioFishency installation at the China-Israel Agriculture and Technology Town, Shijiazhuang, China (PRNewsfoto/BioFishency)
BioFishency is an aquaculture solutions provider focused on dramatically increasing growers' productivity and sustainability through its innovative technologies and extensive know-how. BioFishency develops and produces cost-effective, easy-to-use water treatment systems for use in land-based aquaculture. The Company sells its SPB Single Pass BioFilters (SPB) in various capacities as a plug-and-play, complete systems, and manages turn-key projects. BioFishency's systems operate effectively in countries around the world, including Israel, Congo, Bangladesh, India, Indonesia, and China. There is strong interest for additional units in Nigeria and Vietnam (for the shrimp market). With over $1.3 million in sales for 2018, BioFishency has more than doubled its total 2017 revenues. The Company continues negotiations with potential customers around the world, including for a number of large projects in China.
Aquaculture, the farming of aquatic organisms, is the fastest-growing sector in animal protein production, with a market value of $13.3 billion. By 2030, 62% of food fish will come from aquaculture. Yet, new technologies are needed to meet increased production demands.
BioFishency's technology has demonstrated a 95% reduction in water use for intensive tanks, a two- to fivefold increase in yields for extensive ponds, 2x greater nitrification (ammonia removal) for improved water quality, a significant increase in yield per water and land use.
BioFishency co-CEO and co-founder Igal Magen commented, "BioFishency's recent investment is extremely important and enables us to develop in a number of ways: We have begun to set up a Chinese operation, following our success in selling to the Chinese market. China makes up 60% of the world market for our products. Having a Chinese entity places the company in the heart of its main market, which presents the potential for raising additional capital and receiving government support in China in the future. The funds will also enable us to continue our R&D to provide additional aquaculture solutions for the market."
Mike Velings and Amy Novogratz, co-founders of Aqua-Spark: "We are excited for BioFishency to join our portfolio. They're our first investment in filtration technology -- and attracted our attention because of their commitment to sustainability and accessibility. The sheer size of inland aquaculture globally means that aquaculture uses a lot of scarce resources. Biofishency's technology enables the production of more fish per unit on land and in water while reducing the environmental impacts. This is imperative in sustaining the growth of aquaculture while reducing environmental effects."
Source: PR Newswire