Fotenix, a spinout from the University of Manchester, has secured a six-figure equity investment.
The AgriTech, based in Salford, is on mission to create healthier and higher crop yields for farmers and growers – specifically in the horticultural sectors where there are major staffing shortages in the UK and across Europe.
Fotenix’s digital twin software, along with its patented multi spectral camera equipment – which can be connected to robotics – allows growers to detect outbreaks of crop disease and infestations much quicker than the human eye and protect their crops.
The firm was founded by Dr Charles Veys. The CEO took part in BusinessCloud’s FUEL Manchester masterclasses in 2023.
The investment comes from River Capital’s EIS AI fund.
“This investment marks a pivotal moment for Fotenix as we grow our presence from our base in the North West,” said 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.
“We’re also uniquely positioned to leverage the region’s growing AI expertise to drive the viability of UK fresh produce.”
David Walters, investment director for River Capital, added: “We are delighted to invest 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.”