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 promote sustainable farming practices. Founded by Dr. Charles Veys, a Manchester University spinout, Fotenix is focused on addressing the pressing challenges faced by farmers, particularly in the horticultural sector, where staffing shortages have become increasingly pronounced in the UK and across Europe.
Fotenix’s innovative approach combines AI Digital Twin software with patented multi-spectral camera equipment, often integrated with robotics, to enable growers to detect crop diseases and infestations much faster than traditional methods allow. This advanced technology empowers farmers to take timely action to protect their crops, ultimately leading to improved yields and reduced losses. The recent investment will bolster Fotenix’s sales and marketing efforts, as well as support ongoing product development, positioning the company for growth in both domestic and international markets.
Dr. Veys emphasized the significance of this investment, stating, “This investment marks a pivotal moment for Fotenix as we grow our presence from our base in the North West. Agriculture is under increasing pressure, and we tackle some of its most critical challenges head-on.” He highlighted the company’s commitment to delivering data-driven production solutions that help growers cut costs, enhance efficiency, and adopt more sustainable practices, all while leveraging the region’s growing expertise in artificial intelligence.
David Walters, investment director for River Capital, expressed enthusiasm about the partnership, noting that this marks their fifth investment in Dr. Veys and his team. He underscored the importance of Fotenix’s technology in addressing societal issues related to food production, especially in light of the increasing strain on food resources caused by population growth. The technology is already being utilized in the production of fruits and vegetables found in major UK supermarkets, showcasing its practical impact on the industry.
As Fotenix prepares to expand its operations, the implications of this investment extend beyond the company itself. By enhancing the capabilities of growers and promoting sustainable agricultural practices, Fotenix is positioned to play a vital role in the future of food production, contributing to the resilience of the agricultural sector in the face of ongoing challenges. The collaboration with River Capital not only provides financial backing but also brings expert industry support to help realize Dr. Veys’s vision for a more efficient and sustainable agricultural landscape.
