SafetyNet Technologies has completed a successful investment round, securing £1.8m ($2.4m) in new funding to accelerate the development of precision fishing technology for the commercial fishing industry.
The investment round was led by Mirova’s Althelia Sustainable Ocean Fund* and joined by Builders Vision, The Schmidt Family Foundation, and a U.S. Family Office with an interest in ocean health.
SafetyNet Technologies’ primary goal is to design and build ‘precision fishing’ devices to increase the selectivity of commercial fishing practices, making the industry more sustainable.
Recent estimates suggest that one in every ten fish caught commercially is the ‘wrong’ fish. Known as bycatch, these are fish that cannot be sold on account of being the wrong species, size, or maturity. Consequently, an estimated 9.1 million tonnes of fish are discarded every year , which negatively affects both fishermen and the marine ecosystem. [1]
SafetyNet Technologies is working to provide solutions to help fishing crews reduce fishing waste whilst still maintaining their profits.
SafetyNet Technologies’ flagship product, Pisces, can improve the selectivity of fishing gear. It works by using coloured LED lights to attract target species whilst simultaneously deterring unwanted bycatch. As a result, fishing crews save time sorting fish and reduce the impact of fishing on marine ecosystems.
Pisces is already commercially available. However, this investment round will help SafetyNet Technologies expand into new markets such as the North American fishing industry.
In addition to entering new markets, this round of funding will support the introduction of a robust and affordable underwater camera that can attach to most fishing gear.
It will give fishing crews a never-before-seen view of their fishing gear in action. Footage caught by the underwater camera will provide valuable insights into the effectiveness of fishing gear and fish behaviour. Consequently, fishing crews will have the evidence they need to make improvements to their gear and activities to increase efficiency and reduce bycatch.
Development of the underwater camera began in early 2021. However, with this latest investment, SafetyNet Technologies can accelerate the process and bring the underwater camera to market sooner than planned.
Lastly, this investment round will also enable the development of a sensor node that collects essential marine environmental data. The sensor node will attach to most types of fishing gear enabling fishing crews to collect data on temperature, salinity, turbidity, and depth.
“Mirova is thrilled to continue its support for SN Tech and their growing technology toolkit to improve the sustainability of fishing worldwide. We view well managed fisheries as a key source of food and for many countries, employment and economic gain. However, to date, most fisheries have lacked the tools and data to operate effectively. SN Tech’s low-cost technology is helping fishers be at the heart of building sustainable and scalable practices. We are very proud to support them and to be a small part of this story. ”
“Builders Vision is proud to support SNTech and their work to eliminate seafood waste in our oceans. Its precision fishing devices offer promising and scalable solutions for fishers that help address the widespread issue of discarded catch, which has been recognised as a significant threat to the long-term sustainability of fisheries, marine ecosystems, and food security. “
“SafetyNet has proved that low-cost technology can benefit fisheries around the world, improving the accuracy of their target catch, while increasing profits. The Schmidt Family Foundation has been proud to support SafetyNet since 2016 with grant funding. We’re now excited to invest in this round as SafetyNet expands its work in the U.S. and continues to develop new technologies that will benefit ocean health.”
Danielle Anthony
Communications and Marketing Manager
danielle@sntech.co.uk
[1] Source: FAO third assessment of global marine fisheries discards: Pere Roda, et al: https://www.fao.org/3/CA0300EN/ca0300en.pdf
*The Althelia Sustainable Ocean Fund (“Fund”) is a Luxemburg SICAV-SIF authorised by the Commission de Surveillance du Secteur Financier (“CSSF”), closed to new subscription. Alter Domus Management Company S.A. is the Alternative Investment Fund Manager (AIFM) of the Fund and is duly authorised by the CSSF as an alternative investment fund manager pursuant to Chapter 2 of the AIFM Law and the AIFM Directive. Mirova UK is an investment advisor to Alter Domus Management Company S.A.
The fund is exposed to loss of capital risk, deal flow risk, operational risk, liquidity risk, country risk, market risk, legal and regulatory risk, currency risk, counterparty risk, project risk, valuation risk.
Mirova UK Limited is a UK private limited company. Company registration number: 7740692 and is Authorised and Regulated by the Financial Conduct Authority (“FCA”) under number 800963 – The services of Mirova UK Limited are only available to professional clients and eligible counterparties. They are not available to retail clients. Mirova UK Limited is wholly owned by Mirova SA.
The information provided reflects Mirova’s opinion as of the date of this document and is subject to change without notice. The reported data reflect the situation as of the date of this document and are subject to change without notice.
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