Israeli aquaculture co BioFishency raises $2.4m

Israeli aquaculture company BioFishency has completed a financing round of $2.4 million from a private investor in China, Dutch investment fund Aqua-Spark, and the Trendlines Group (SGX: 42T) (OTCQX: TRNLY) in Misgav, of which it is a portfolio company.

Biofishency is an aquaculture solutions provider focused on dramatically increasing growers' productivity and sustainability through its innovative technologies and extensive knowhow. BioFishency develops and produces cost-effective, easy-to-use water treatment systems for use in land-based aquaculture. The company sells its SPB Single Pass BioFilters (SPB) in various capacities as a plug-and-play, complete systems, and manages turn-key projects. BioFishency's systems operate effectively in countries around the world, including Israel, Congo, Bangladesh, India, Indonesia, and China. There is strong interest for additional units in Nigeria and Vietnam (for the shrimp market). With over $1.3 million in sales for 2018, BioFishency has more than doubled its total 2017 revenue. The company continues negotiations with potential customers around the world, including for a number of large projects in China.

BioFishency's technology has demonstrated a 95% reduction in water use for intensive tanks, a two- to fivefold increase in yields for extensive ponds, 2x greater nitrification (ammonia removal) for improved water quality, significant increase in yield per water and land use.

BioFishency co-CEO and co-founder Igal Magen said, "BioFishency's recent investment is extremely important and enables us to develop in a number of ways: We have begun to set up a Chinese operation, following our success in selling to the Chinese market. China makes up 60% of the world market for our products. Having a Chinese entity places the company in the heart of its main market, which presents the potential for raising additional capital and receiving government support in China in the future. The funds will also enable us to continue our R&D to provide additional aquaculture solutions for the market."

Published by Globes, Israel business news - en.globes.co.il - on March 27, 2019