AquiNovo raises $1.5 million from Neovia
Aquaculture is a fast-growing market with increasing economic opportunities. Increase in the world’s population, particularly in Africa, Asia, and Latin America, and rising standards of living are estimated to result in a 60% increase in world production of animal proteins by 2040. Aquaculture production, which currently represents 4% of world animal protein production (41 million tonnes), is expected to grow by 450% in the next two decades. Due to a high feed conversion rate, aquaculture is a very effective system for protein production, in particular in emerging markets with limited purchasing power.
AquiNovo and Neovia to collaborate on developing new technologies to meet aquaculture market expectations.
AquiNovo announced it signed an agreement with Neovia for an investment of $1.5 million. Neovia is a world leader in animal nutrition and health, has a turnover of €1.7 billion, and operates in 28 countries.
The aquaculture industry needs sustainable solutions that provide higher yields, with lower production costs and reduced exposure to risks associated with longer growth periods. Bearing this in mind, Neovia has defined “intensive aquaculture” as one of its five global priority innovation fields and has implemented a holistic approach in innovative solutions for aquaculture.
AquiNovo develops solutions to improve farmed fish development to meet the ever-growing demand for fish protein. The technology is based on proprietary peptides designed to inhibit reproduction – an energy intensive endeavor – and thus accelerate growth. The AquiNovo technology addresses this challenge by developing solutions to improve farmed fish development. The company offers a non-GMO, non-hormonal, easy-to-use solution to be incorporated into the fish feed, providing hatcheries and fish farms with shorter time to market and additional growth cycles within existing infrastructure.
AquiNovo CEO Nissim Chen, PhD, remarked, “We believe that AquiNovo’s technology will make a real difference for fish farmers world-wide. The combination of fish yield enhancement, with reduced exposure to risks associated with longer growth periods, will significantly contribute to risk management and revenues for fish farmers. Neovia’s investment affirms their confidence in the Company, its vision and its achievements to date. We’re excited to work with Neovia on the development of innovative solutions for the aquaculture market.”
Hubert de Roquefeuil, president of Neovia, added, “Intensive aquaculture ranks among our five major innovation fields and we are very interested in collaborating with a recognized partner such as AquiNovo. Our strong position in the international aquaculture market, especially in tilapia, will deeply benefit from this differentiating and innovative technology.”