Poseidon Raises $5M Series A Investment led by Ag Capital Canada to Accelerate Development of Sustainable Aquaculture Technologies
January 13, 2021
Poseidon Ocean Systems, a Canadian company specializing in the development of salmon farming infrastructure and life support systems, announced today that it has raised $5 million CAD in Series A financing.
The financing is led by Ag Capital Canada (ACC), a private equity fund based in Tillsonburg, Ontario, with additional follow-on investment from Export Development Canada (EDC).
During the last two years, Poseidon has brought two new proprietary technologies to market, both of which offer strong growth potential for the company.
The first, the Trident™ Hybrid Steel Cage System, is a breakthrough in floating structure design—allowing fish farmers to operate confidently in higher energy locations and seamlessly transition to advanced technologies such as rigid nets and floating closed containment without having to invest in new structures.
The second, the Flowpressor™ compressor system for algae mitigation and water quality management, can reduce diesel fuel consumption by up to 56%. It offers significant operational advancements when paired with Poseidon’s IOT firmware. The Flowpressor platform is the company’s significant first step toward its goal of sharply reducing energy consumption and lowering the carbon footprint of off-grid fish farming systems.
“Pairing advancements in mechanical systems engineering and software integration, we can lower capital costs, shrink equipment space requirements and drive profits for our customers around the world – while delivering environmental returns for the planet,” explained Rick Segal, CEO of Poseidon Ocean 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 capitalize 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.”
Poseidon’s leadership team is comprised of Rick Segal, a Microsoft and Samsung alumni, as well as co-founders Heather and Mathew Clarke.
“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,” stated Lansink.
“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. The Partners bring a wealth of hands-on experience, particularly in agricultural systems deployment – and they are fully Canadian,” said Heather Clarke, CFO and Co-Founder of Poseidon.
About Poseidon Ocean Systems
Poseidon Ocean Systems (Poseidon) is a Canadian full-service aquaculture engineering and technology provider. Poseidon specializes in saltwater aquaculture infrastructure & life support design, engineering, product development and supply. The company is headquartered in Campbell River, British Columbia. For more information on Poseidon, visit http://www.PoseidonOS.com
About Ag Capital Canada
Ag Capital Canada (ACC) is a new private equity fund that invests in Canadian ag and food innovation and small business growth. ACC aims to discover, develop and nurture Canadian agricultural businesses through capital investment, business-management mentorship and entrepreneurial expertise. For more information on ACC, visit www.agcapitalcanada.com.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically. For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.
Poseidon Ocean Systems
Ag Capital Canada
Export Development Canada