Fotenix Secures Six-Figure Investment to Revolutionize AgriTech
Deal News | Dec 13, 2024 | Business Cloud
Fotenix, an AgriTech spinout from the University of Manchester, has successfully raised a six-figure equity investment to further its innovative solutions focused on enhancing crop yields and addressing labor shortages in the horticultural sector. Based in Salford, the company's technology includes a digital twin software and patented multi-spectral camera equipment that, when integrated with robotics, enables rapid detection of crop diseases and infestations, bridging the gap left by human limitations. Founded by Dr. Charles Veys, who recently participated in BusinessCloud's FUEL Manchester masterclasses, Fotenix aims to scale its operations, leveraging the burgeoning AI expertise in the North West of England to meet the escalating challenges in agriculture, particularly in sustainable practices. This investment, sourced from River Capital's EIS AI fund, signifies a crucial growth phase for Fotenix as it seeks to expand its reach into various markets including the UK, EMEA, and the USA. David Walters, investment director for River Capital, expressed optimism about the impact of Fotenix's technology in supporting essential agricultural needs.
Sectors
- AgriTech
- Artificial Intelligence
Geography
- United Kingdom – Fotenix is based in Salford, and the investment will help expand its operations in the UK.
- EMEA – The technology is intended to reach markets in Europe, the Middle East, and Africa.
- USA – Fotenix aims to enter the U.S. market with its innovative agricultural solutions.
Industry
- AgriTech – Fotenix operates within the AgriTech sector, focusing on enhancing agricultural efficiency through technology.
- Artificial Intelligence – The technology developed by Fotenix involves AI, which is used to detect crop diseases and enhance efficiency.
Financials
- Six-figure – The amount of equity investment secured by Fotenix.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Fotenix | Target company | Company | An AgriTech spinout from the University of Manchester, focusing on innovative solutions for higher crop yields. |
| University of Manchester | Founding Institution | Company | The academic institution from which Fotenix spun out. |
| River Capital | Investor | Company | An investment firm providing capital from its EIS AI fund. |
| Dr. Charles Veys | CEO and Founder | Person | The founder of Fotenix and a participant in BusinessCloud's FUEL Manchester masterclasses. |
| David Walters | Investment Director | Person | Investment director for River Capital, involved in the investment decision. |