Vitruvian takes control of Aquabyte in bet on data-driven salmon farming.
Aquaculture technology company Aquabyte has agreed a majority investment from international private equity firm Vitruvian Partners, a deal intended to support the company’s next phase of growth as data-driven fish farming gains momentum.
Financial terms were not disclosed. Vitruvian will take a controlling stake, while existing institutional investors, management and key employees will retain minority holdings. The transaction remains subject to customary closing conditions.
Founded in 2017, Aquabyte provides AI-based monitoring systems that use underwater cameras and machine-learning models to analyse fish health, welfare and biomass in real time. The company has established itself as a core supplier to large salmon producers and operates across the main producing regions, including Norway, Chile, Iceland, the Faroe Islands, Canada and Scotland.
The company said demand for its technology is being driven by tightening regulation, biological constraints and pressure on producers to improve productivity and sustainability. Aquabyte plans to use the new ownership structure to continue investing in its software platform and expand its suite of decision-support tools.
Steve Tucker, chief executive of Aquabyte, said Vitruvian’s experience in scaling technology businesses and its Nordic presence made it a suitable long-term partner for the company.
Vitruvian, which manages more than $20bn in active funds, said Aquabyte addresses structural challenges in global food production. The investment marks the firm’s seventeenth transaction in the Nordic region.
ABG Sundal Collier acted as financial adviser to Aquabyte on the transaction.
