A Salford-based agriculture technology company, Fotenix, has secured a significant six-figure equity investment from the River Capital EIS AI Fund, marking a crucial step in its mission to enhance crop yields and address staffing shortages in the horticultural sector. Founded by CEO Dr. Charles Veys as a spinout from Manchester University, Fotenix is leveraging advanced technology to tackle pressing challenges within agriculture, particularly as the industry grapples with increasing pressures from population growth and resource scarcity.
Fotenix’s innovative approach combines AI Digital Twin software with patented multispectral camera equipment, often integrated with robotics. This technology empowers growers to detect crop diseases and infestations much faster than traditional methods allow, enabling them to take swift action to protect their crops. This capability is increasingly vital in the UK and Europe, where the horticultural sector faces significant labor shortages. By improving the speed and accuracy of disease detection, Fotenix not only enhances crop health but also contributes to higher yields, ultimately supporting the sustainability of fresh produce supply chains.
The recent investment will bolster Fotenix’s sales and marketing efforts while allowing for continued product development. Dr. Veys expressed optimism about this funding, highlighting its potential to expand their operations and bring data-driven agricultural solutions to more growers. He emphasized the company’s commitment to helping farmers cut costs, improve efficiency, and adopt sustainable practices—an essential consideration as the agricultural sector seeks to balance productivity with environmental stewardship.
David Walters, investment director at River Capital, echoed this sentiment, noting that Fotenix’s technology is set to address significant societal issues related to food production. With their systems already in use for the production of fruits and vegetables found in major UK supermarkets, the company is poised to extend its reach into markets across the UK, EMEA, and the USA. The strategic investment not only supports the growth of Fotenix but also aligns with broader efforts to enhance food security in a world facing increasing demand.
As Fotenix continues to innovate and expand, it stands at the intersection of technology and agriculture, embodying the potential of AI to transform the industry. The collaboration with River Capital and the support from legal partners further solidify its position as a key player in the agri-tech landscape, paving the way for a more efficient and sustainable future in food production.
