River Capital’s fund:AI has made a “six-figure” equity investment in agritech firm, Fotenix.
The University of Manchester spin-out is the fund’s fifth investment, since its launch in 2022.
Salford-based Fotenix has created digital twin software and patented multi-spectral camera equipment, often connected to robotics, to allow growers to detect outbreaks and crop disease and infestations, so as to protect them early and improve yields.
The cash will be used to develop its sales and marketing operations, as well as continuing product development.
“This investment marks a pivotal moment for Fotenix as we grow our presence from our base in the North West,” said CEO Dr Charles Veys.
“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. Based in Greater Manchester, we’re also uniquely positioned to leverage the region’s growing AI expertise to drive the viability of UK fresh produce.”
Investment Director for River Capital David Walters added:
“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.
“We live in a world where population growth is putting immense strain on food resources and the Fotenix AI systems help to create improved efficiencies in the growing and breeding of the food we eat Fotenix technology is already used in the production of fruit and veg that we see in major UK supermarkets and we are now bringing expert industry support to the business to help Charles to deliver his mission.”
