Stavanger, Norway-based innovative aquaculture robotics company Remora Robotics raised EUR 2.5 million in a fresh funding round. The company announced the investment on August 22, 2023. The leading investment firms in the industry, Grieg Kapital and Momentum, led the financing for the firm.
Purpose of financing for the company
The latest financing aligns strategically with Remora Robotics to enhance its cutting-edge autonomous net cleaning technology. This development points towards a crucial step in the company’s journey, poised to propel the evolution of its technology deployment. In addition, the company intends to amplify its sales expansion initiatives.
What the Remora Robotics officials have to add
Brage C. Amundsen, CEO of Remora Robotics, commented, “The backing from Grieg Kapital and Momentum affords us the essential flexibility to execute our plans and deliver impeccable net cleanliness for our valued customers. This capital injection enables us to expedite the deployment of our technology, empowering us to upscale our sales endeavours.”
What the investors have to comment
In addition, Lars Jørgen Loktu, Investment Manager at Grieg Kapital, further added, “Remora Robotics has forged innovative and enticing technology tailored for a global market. This investment aligns seamlessly with our investment strategy, focusing on maritime technology, and we perceive the technology-business model combination as forward-looking.”
In addition, Christian Møgster, Investment Manager at Momentum, said, “We are confident in Remora Robotics’ team and their ability to achieve a successful large-scale commercial rollout.”
About the company
Brage C. Amundsen is the CEO of the company launched in 2015. Remora Robotics is a pioneer in automating fish farm pen cleaning processes. The cornerstone of its technology is an autonomous submarine robot, purpose-built to meticulously clean and assess fish farming enclosures. In addition, it also gathers pivotal data on the aquatic ecosystem.
Remora Robotics enjoys and cultivates strategic partnerships with esteemed research organizations in Norway, such as SINTEF, the Norwegian Research Council, NTNU, and Innovation Norway.
In 2017, the company initiated the notion of an autonomous marine variant of the robotic lawnmower to revolutionize net cleaning in aquafarms. Leveraging their proficiency in remotely operated vehicles (ROVs), Remora Robotics embarked on this transformative journey. By 2019, Remora Robotics successfully tested a functional prototype, subsequently validated by a comprehensive report from NORCE, confirming its efficacy in cleansing fish farming enclosures. The company worked on an upgraded prototype in 2020. In collaboration with Sterling White Halibut AS, Remora Robotics subjected the technology to rigorous tests, optimizing it for practical implementation. The year 2021 marked a pivotal milestone for the company as it manufactured three specialized devices tailored for further comprehensive testing.
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