Key Takeaways:
- Fotenix, a Salford-based AgriTech company, has received a six-figure equity investment from River Capital’s fund:AI, the North’s first dedicated AI fund.
- This marks fund:AI’s 5th investment since its 2022 launch, supporting innovative AI-driven businesses.
- Fotenix specializes in AI Digital Twin software and patented multispectral camera equipment to help growers detect crop diseases and infestations faster than traditional methods.
- The funding will support sales and marketing expansion and continued product development.
- Fotenix is a University of Manchester spinout, led by CEO Dr. Charles Veys.
Fotenix Limited (Profile), an AgriTech startup dedicated to improving crop health and yields, has secured a six-figure equity investment from River Capital’s fund:AI. This funding will accelerate Fotenix’s efforts to tackle critical challenges in agriculture, particularly in the horticultural sectors facing acute labor shortages across the UK and Europe.
Fotenix’s innovative AI Digital Twin software and multispectral camera equipment allow growers to detect crop diseases and infestations more quickly and accurately than the human eye. Often integrated with robotics, the technology enables growers to protect crops, increase yields, and adopt sustainable practices by identifying outbreaks at an early stage.
Driving Growth and Innovation
The investment will enable the company to enhance its sales and marketing functions while advancing product development. Based in Greater Manchester, Fotenix is strategically positioned to leverage the region’s growing expertise in artificial intelligence to address food production challenges.
“This investment marks a pivotal moment for Fotenix as we grow our presence from our base in the North West,” said Dr. Charles Veys, CEO of Fotenix. “Agriculture is under increasing pressure, and we tackle some of its most critical challenges head-on. By expanding our operations, we’re delivering data-driven production to more growers, helping them cut costs, improve efficiency, and adopt more sustainable practices.”
Addressing Societal Challenges Through AI
David Walters, Investment Director for River Capital, highlighted the potential impact of Fotenix’s AI-driven solutions: “We are delighted to make our 5th investment in Charles and the team to bring the Fotenix technology to markets in the UK, EMEA, and the USA. This is a business where AI can truly support some major societal issues. With population growth putting immense strain on food resources, the Fotenix AI systems help create improved efficiencies in the growing and breeding of the food we eat.”
Fotenix’s technology is already being used in the production of fruits and vegetables found in major UK supermarkets. The investment will also bring expert industry support to Fotenix to further its mission of enhancing crop production and sustainability.
