Award-winning aquatech start-up Konree Innovation is making waves with its ground-breaking deep science-led technology aimed at eliminating the issue of sea lice in salmon and fish farming.
In 2023, the company was backed by Enterprise Ireland’s Pre-Seed Start Fund and founder Margaret Rae said the company is pitching for a €1 million investment round with the Halo Business Angel Network and Venture Capital Investment Funds. It is also poised to receive funding support from the Enterprise Ireland High Potential Start Up fund. Konree has gone from strength to strength since participating in the BIM Innovation Studio, which is helping grow Ireland’s €200 million aquatech business.
The new technology being developed by Konree will be able to detect sea lice in the salmon pen. Sea lice are naturally occurring small parasites that cling on to the host fish and feed from its tissue. According to Dr Rae, this costs the global salmon production industry between €3 billion and €4 billion annually.
“Everything is going in the right direction, and we are very excited about what the rest of the year will bring,” she said. “This will be a game changer in the salmon production industry.
“The solution we are developing to control sea lice is a drop-in solution, designed from the start to be a sustainable non-polluting technology. The salmon farmer does not have to invest in any special infrastructure to support it.”
Based at the Innovation Hub at the Atlantic Technological University in Galway, Konree Innovation has employed two new staff members bringing the number of staff to four, as they develop the second phase prototype with improvements on the original.
A background in chemistry, biochemistry and marine science inspired Margaret to work towards eliminating the age-old problem of sea lice in fish farming. She founded Konree Innovation in 2021. Cofounder and chief technical officer Michael Flynn previously cofounded the world’s leading sub-sea imaging and measurement company and was its former CTO.
Turning point
A turning point for Margaret was taking part in the BIM Innovation Studio in 2020, a partnership with aquaculture accelerator Hatch Blue.
The seventh year of the programme, which is open to both Irish and EU projects involved in the aquaculture technology arena, takes place from 30 September to 10 October at the River Lee Hotel, Cork City. Applications are open until 19 July 2024: https://bim.ie/news-and-events/news/bims-2023-aquatech-innovation-studio-programme-now-open-for-applicants/
“The BIM Innovation Studio was a brilliant experience and I would recommend any young aquatech company to apply,” said Margaret. “We had two weeks of really intense work every day from nine to five. It was a great litmus test for the business and made me ask vital questions such as, What is the market for this technology? Will I attract investment? What is the supply chain in aquaculture? Is this a hobby or a business?”
She said the BIM Innovation Studio also attracted experienced and inspiring speakers with the entire supply chain in aquaculture represented.
“There were also investors who gave fantastic advice about what they are looking for in deciding to commit to an aquatech business. At the end of the day, they want an excellent return on their money. The BIM Innovation Studio was the reality check all start-ups taking part needed.”
“Konree Innovation is a fantastic example of a company that has made invaluable industry connections and developed their business through their participation in the Innovation Studio,” said Damien Toner, BIM Aquatech Business Manager.
“Since BIM first partnered with Hatch Blue seven years ago, some 50 projects and companies have completed the Innovation Studio and attracted a total investment of around €15 million, creating more than 200 hi-tech jobs.
“Applications for the Innovation Studio are open to startups, scaleups, and innovators from areas such as pharmaceuticals, marine engineering, genetics, feed additives and artificial intelligence that want to take their businesses to the next level.”
Aquatech is any technology or innovation driving sustainable seafood farming, and it can be applied progressively to the breeding, raising, and harvesting of fish, shellfish, and aquatic plants.
Margaret said while there are various treatments for sea lice, there is no single permanent treatment.
“It is the one thing from a biological perspective that is holding the industry back from growing. The technology we are developing has the potential for a huge global reach. It is not unique to Ireland.”
Margaret is planning small scale field trial work in Ireland at a salmon producer site and at the Marine Institute’s Research Infrastructure in the West of Ireland and has plans to trial the tech at a private research and development facility in Norway.
Potential markets for the Konree Innovation technology are countries with a big salmon producing industry including Norway, Chile, Scotland, Canada, Iceland, the Faroe Islands, New Zealand, Australia and Ireland.
“The Innovation Studio was a great first step. It connected me to the sector globally. Afterwards we were part of a visit to Norway to see how advanced their technology is there. Norway is the global leader producing over 50 per cent of Atlantic salmon and key influencer in aquaculture generally.”
