Poseidon Ocean Systems is run by Microsoft and Samsung alum Rick Segal.
In a press release, Poseidon Ocean Systems, a Canadian company specializing in the development of salmon farming infrastructure and life support systems, announced today that it has raised CAD 5 million in Series A financing.
The investment will help bring engineering and delivery of its new proprietary technologies to market.
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).
Poseidon has two aquaculture products. The first is a floating steel structure design called the Trident Hybrid Steel Cage System. And it allows fish farmers to operate in higher energy locations.
The second, the Flowpressor compressor system, which was designed to improve water quality while reducing diesel fuel consumption by up to 56 per-cent.
Poseidon’s leadership team is comprised of Rick Segal, a Microsoft and Samsung alum, as well as co-founders Heather and Mathew Clarke.
“We can lower capital costs, shrink equipment space requirements and drive higher profits for our customers around the world, while also delivering environmental returns for the planet,” explained Poseidon Ocean Systems CEO Rick Segal. “That’s the operational and financial advancements of integrating Poseidon’s engineering, mechanical, and software systems.”
“We were able to check all the boxes with this investment,” said Ag Capital Canada Managing Partner John Lansink.
“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.”