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World food production and supply is facing some huge challenges: a growing world population, climate change, and more recently the COVID-19 pandemic and the Ukraine-Russia war.
Aquaculture can play a vital role in helping to meet these challenges, and is crying out for new technologies to help its growth and efficiency:
"Big data and artificial intelligence in the fish industry
New methods reduce costs and increase efficiency
From a global perspective the fish industry has lagged far behind most other industries with regard to the introduction of information technologies. In neither the fishing nor the aquaculture sector have these advanced technologies made sufficient headway so far. Over the past few years, however, a race has begun to catch up and improve the state of the seas and the sustainability of human activities in these important areas. ..."
http://eurofishmagazine.com/sections/technology/item/625-big-data-and-artificial-intelligence-in-the-fish-industry
So OTAQ is at the forefront of a hugely exciting market opportunity.
With its successful Sealfence acoustic deterrent device set to be complemented by two other major technologies:
1. Biomass Measurement.
Marine farming demands a real-time and accurate method of measuring average weight and total in-cage biomass.
OTAQ has developed its shrimp biomass measurement technology through its strategic partnership with Minnowtech, which is now commencing commercialisation.
2. Plankton Detection.
Phytoplankton, or "algal bloom", is a major disease challenge for the aquaculture industry generally and it is estimated the global aquaculture industry suffers $3.4 billion in damage and losses annually due to organisms such as algal blooms and harmful phytoplankton. Early detection of this problem should allow farmers to deploy their defence systems early enough to markedly reduce the losses and improve overall fish welfare.
OTAQ has accelerated the development of its phytoplankton early warning detection technology through a collaboration with Blue Lion Labs in Canada, and expects to be able to demonstrate its effectiveness in the first half of 2022.
OTAQ has strategic shareholdings in both Minnowtech and Blue Lion Labs, and in the future both could potentially become part of the OTAQ group, to complement it organic growth.
OTAQ non executive director Malcolm Pye built up Benchmark (BMK) from its initial start-up into a major international aquaculture technology business, serving the global salmon, shrimp, tilapia and farmed fish industries.
BMK's current market cap., at 48.6p, is £342.12M.
Which is nearly fifty time larger than OTAQ's current market cap., at 18.7p: £7.05M.
"Blue Lion Labs
We use biology and machine learning to build tools which help monitor and preserve aquatic systems.
Blue Lion Labs - Pitch Video"
At 2:50 - "But this is just the beginning. Our solution can be applied to drinking water, recreation, and many other sectors, to help safeguard our water."
https://bluelionlabs.com/
JUNE 10, 2021
Turning research into commerce
Engineering alumnus recognized for 'first-of-its-kind' AI water testing tech for fish farming
By Brian Caldwell
Faculty of Engineering
An alumnus of Waterloo Engineering who parlayed his graduate research into a startup company that is out to solve worldwide water problems has been recognized by a national innovation organization.
Jason Deglint, a co-founder of Blue Lion Labs, is one of five winners of a Mitacs Entrepreneur Award for turning research into businesses that impact the lives of Canadians.
The honour in the global impact category comes a month after Blue Lion, which was launched in 2018, teamed up with a leading marine technology company in the United Kingdom to develop an imaging system to warn fish farmers of harmful plankton and algae blooms.
OTAQ announced it is investing $300,000 for an approximate 10-per-cent stake in the Waterloo-based company. The partners are aiming to commercialize the technology within the next 18 months.
Deglint (MASc ’16, systems design engineering, PhD ’19, systems design engineering) was described by Mitacs, a non-profit organization backed by federal and provincial governments, as “an up-and-coming entrepreneur” who is advancing “first-of-its-kind technology.”
The system based on his doctoral research combines artificial intelligence (AI) software with a custom digital microscope to automatically detect harmful algae in water.
Current testing methods rely primarily on analysis of water samples at off-site labs and results can take up to a week to obtain.
The technology being developed by Deglint and Blue Lion co-founder Katie Thomas, who has a doctorate in biology from the University of Waterloo, would yield results in minutes and effectively function as an early warning system.
Current testing 'prone to human error'
“Essentially, if fish farms want to know what types of organisms are in their water today, the sample ends up on a slide with a human looking at it,” Deglint said in a media release. “It’s a tedious, time-consuming task that’s prone to human error.”
A growing industry, aquaculture represents about a third of the total fisheries value in Canada. Harmful algae blooms are a major source of damage and losses.
Deglint, who worked at Waterloo Engineering as a Mitacs postdoctoral researcher, accepted his award during an online ceremony today.
“Supporting innovation is essential to help Canada rebound from the repercussions of the global pandemic, and Mitacs is extremely proud of the remarkable accomplishments achieved by our network of talented entrepreneurs,” John Hepburn, the CEO and scientific director of Mitacs, said in the release.
https://uwaterloo.ca/news/engineering-entrepreneurship/turning-research-commerce#first%20#AI%20#artificialintelligence%20#fish%20#fishfarms%20#uwaterloo%20#GEDIx