1 The EIC Accelerator Project

The EIC Accelerator Program: An Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support innovative small and medium-sized enterprises (SMEs) in Europe, particularly those engaged in deep tech ventures. The program aims to foster breakthrough innovations that have the potential to disrupt markets and enhance the competitiveness of European industries. Through a combination of grant funding and equity investments, the EIC Accelerator enables startups to scale their operations and effectively navigate the challenges associated with commercialization.

Funding Structure of the EIC Accelerator

The EIC Accelerator provides a dual funding mechanism that comprises both grants and equity investments. Companies can receive a grant of up to €2.5 million, which serves as a non-dilutive financial aid, helping to cover the costs of developing and scaling innovative projects. This grant can be utilized for various purposes, including research and development, prototype development, and market entry.

In addition to grant funding, the EIC Accelerator also offers equity investments. Until 2024, companies can secure up to €15 million in equity financing, which can be crucial for businesses seeking substantial capital to scale their operations. From 2025 onwards, this maximum equity funding will be reduced to €10 million. This equity stake allows the EIC to support startups while also participating in their growth trajectory, aligning the interests of both the funding body and the recipient company.

Purpose of the EIC Accelerator in the DeepTech Ecosystem

The EIC Accelerator plays a vital role in the European deep tech and startup ecosystem by addressing the funding gap that often exists for innovative companies. Many startups struggle to secure funding from traditional sources due to the high risks associated with groundbreaking technologies. The EIC Accelerator mitigates this challenge by offering significant financial resources, enabling companies to develop their technologies and bring them to market.

Moreover, the EIC Accelerator not only provides funding but also adds value through its network of experts, mentors, and investors. This holistic approach helps companies refine their business models, improve their go-to-market strategies, and ultimately enhance their chances of success in a competitive landscape.

Facilitating Company Growth and Private Sector Funding

The EIC Accelerator is instrumental in helping companies scale by providing not only financial resources but also strategic guidance. By supporting the most innovative startups, the EIC encourages private sector investment, thereby creating a more favorable environment for venture capital and private equity funding. Successful EIC Accelerator recipients often attract additional investments from private investors who recognize the potential for growth and innovation, thus creating a multiplier effect in the entrepreneurial ecosystem.

Case Study: Bluegrove AS and the Bluegrove Welfare Shield Project

Company Overview: Bluegrove AS, based in Norway, was awarded funding through the EIC Accelerator to support its innovative project, the Bluegrove Welfare Shield. This project focuses on sustainable seafood production, addressing critical environmental challenges while promoting responsible aquaculture practices.

Project Description: The Bluegrove Welfare Shield aims to revolutionize the way seafood is produced by implementing cutting-edge technology to enhance fish welfare and sustainability. The project seeks to establish a new standard in aquaculture that minimizes environmental impact while maximizing production efficiency.

Technology Basics and Background: The technology underlying the Bluegrove Welfare Shield integrates advanced monitoring systems and data analytics to optimize fish farming conditions. This includes real-time monitoring of water quality, fish health, and behavioral patterns. By leveraging sensors and artificial intelligence, the system can analyze vast amounts of data to provide actionable insights for farmers.

The goal is to create an ecosystem where fish are raised in optimal conditions, leading to better growth rates and healthier stock. This approach not only benefits the fish but also enhances the overall sustainability of seafood production, reducing the reliance on traditional farming methods that often lead to overfishing and habitat degradation.

Bluegrove AS submitted its Step 2 proposal on June 16, 2021, and successfully navigated the Step 3 interview process to secure EIC Accelerator funding. The project exemplifies the program's commitment to fostering innovative solutions that meet modern challenges in the food production sector.

In summary, the EIC Accelerator program serves as a crucial pillar in the European innovation landscape, supporting startups like Bluegrove AS in their quest to transform industries and create sustainable solutions. Through its robust funding structure and strategic support, the EIC Accelerator is positioned to catalyze significant advancements in deep tech and beyond.

2 The Funding Rounds

Bluegrove AS, formerly known as CageEye, is a Norwegian aquatech company specializing in fish welfare and feeding solutions for the aquaculture industry. Since receiving the European Innovation Council (EIC) Accelerator funding on June 16, 2021, Bluegrove has engaged in several significant funding activities to support its growth and technological advancements.

EIC Accelerator Funding (June 2021):

In June 2021, Bluegrove secured €3.5 million from the European Innovation Council to develop its 'Welfare Shield' technology. This funding aimed to enhance early detection systems for health and welfare issues in farmed fish, thereby reducing disease outbreaks and promoting healthy growth. (undercurrentnews.com)

Series B Funding Round (December 2021):

In December 2021, Bluegrove completed a capital raise of €12 million as the first close of a Series B funding round. This round was led by Dutch aquaculture investment fund Aqua-Spark and Internet of Things technologies investor Breed Reply, with CEO Bendik Søvegjarto personally participating. The funding aimed to accelerate the company's growth and further develop its solutions for salmon farmers. (salmonbusiness.com)

Acquisition of Sealab (August 2020):

In August 2020, Bluegrove acquired Sealab Ocean Group, a high-resolution camera supplier specializing in salmon aquatech. This strategic acquisition combined Sealab's underwater camera technology with Bluegrove's sensor technologies, creating an open platform for integration with other suppliers. The integration aimed to improve fish welfare and productivity in the salmon farming industry. (salmonbusiness.com)

Valuation and Financial Performance:

As of January 2022, Bluegrove was valued at approximately €120 million. However, the company has since refrained from disclosing its current valuation. In 2019, Bluegrove reported a turnover of €2.5 million, a significant increase from €0.4 million in 2018, following the acquisition of NorseAqua. Despite this growth, the company posted a deficit of €2.4 million in 2019. (salmonbusiness.com, salmonbusiness.com)

Investor Information:

Bluegrove's key investors include Aqua-Spark, a Dutch aquaculture investment fund, and Breed Reply, an Internet of Things technologies investor. Aqua-Spark has been a shareholder since 2018, and Breed Reply participated in the 2018 funding round. CEO Bendik Søvegjarto has also been an active investor in the company. (salmonbusiness.com, salmonbusiness.com)

Leadership Changes:

In July 2022, CEO Bendik Søvegjarto resigned after eight years with the company. During his tenure, he played a pivotal role in developing Bluegrove's commercial business and expanding its team from three to over 50 members. Following his departure, Martin Munkeby was appointed as interim CEO, with a search underway for a permanent successor. (salmonbusiness.com)

These developments highlight Bluegrove's ongoing efforts to innovate and expand within the aquaculture industry, leveraging strategic investments and acquisitions to enhance its technological capabilities and market presence.

3 The Press Releases

Bluegrove AS, a Norwegian aquatech company specializing in fish welfare technologies, has been active in advancing its initiatives since receiving the European Innovation Council (EIC) Accelerator funding on June 16, 2021. The company has engaged in strategic acquisitions, secured additional funding, and experienced leadership changes, all contributing to its growth and technological advancements.

Acquisition of SEALAB

In August 2020, Bluegrove, along with its subsidiary CageEye, acquired SEALAB, a fellow aquatech company. This acquisition aimed to combine their sensor technologies and create an open platform for integration with other suppliers. The merger integrated SEALAB's underwater light and camera vision technology with CageEye's acoustic underwater sensor technology, enhancing Bluegrove's ability to monitor fish behavior and feeding requirements. The combined solutions paved the way for individual fish monitoring, addressing the growing awareness of fish health and welfare. (salmonbusiness.com)

Securing EU Funding for Welfare Shield Technology

In October 2021, Bluegrove secured €3.5 million from the European Innovation Council to further develop and commercialize its Welfare Shield technology. This technology specializes in the early detection of health and welfare issues in farmed fish, enabling producers to take immediate action. The funding package included a €2.5 million grant and a planned €1 million investment, underscoring the EU's commitment to supporting technological advancements in aquaculture. (thefishsite.com)

Leadership Change

In July 2022, Bendik S. Søvegjarto, the CEO and co-founder of Bluegrove, stepped down after eight years with the company. Søvegjarto co-founded Bluegrove in 2014 and served as CEO from 2017. Under his leadership, the company developed feeding solutions to improve efficiency and sustainability in salmon farming, growing from a team of three to over 50 members. The board appointed Martin Munkeby as interim CEO, with an executive search underway for a permanent successor. (salmonbusiness.com)

Expansion into Land-Based Aquaculture

In March 2021, Bluegrove collaborated with the Norwegian Research Center (NORCE) to pursue funding for an R&D trial aimed at adapting its hydroacoustic sensor system for land-based aquaculture settings. This initiative sought to extend Bluegrove's technology beyond traditional coastal farming, exploring applications in land-based farms to enhance monitoring and feeding practices. (undercurrentnews.com)

Development of Autonomous Feeding System

Bluegrove's subsidiary, CageEye, developed an autonomous feeding system that combines hydroacoustics and machine learning to optimize feeding and promote efficient and sustainable aquaculture. The system, known as Echofeeding, provides a comprehensive overview of the underwater situation and monitors the behavior of the entire fish biomass, independent of visibility conditions. Advanced machine learning algorithms use this data to objectively measure fish appetite, automatically controlling and adjusting feeding to optimize production. The system is designed for easy installation, remote operation, and integration with existing feeding systems or camera setups. (businessnorway.com)

Expansion into Other Aquatic Species

In 2021, Bluegrove announced plans to adapt its automated feeding technology, initially developed for salmon, to other cultured aquatic species. The company recognized the potential to apply its technology to various species, aiming to increase seafood production and contribute to global food security. This expansion reflects Bluegrove's commitment to enhancing sustainability and efficiency across the aquaculture industry. (dev.thefishsite.com)

These developments highlight Bluegrove's ongoing efforts to innovate and expand within the aquatech sector, leveraging strategic acquisitions, securing funding, and advancing technology to improve fish welfare and aquaculture sustainability.

4 The Technology Advancements

Bluegrove AS, a Norwegian aquatech company, specializes in enhancing fish welfare within aquaculture through advanced monitoring technologies. Their flagship product, the Welfare Shield, employs acoustic sensors and video cameras to analyze fish behavior, providing objective data on the health and well-being of farmed salmon. This innovation aims to reduce mortality rates, improve fish health, and ensure sustainable growth in harmony with the environment. (kommunikasjon.ntb.no)

In June 2021, Bluegrove AS secured €3.5 million in funding from the European Innovation Council (EIC) Accelerator. This grant, comprising €2.5 million in subsidies and €1 million in equity investment, was awarded to support the development and commercialization of their Welfare Shield technology. The EIC Accelerator program is highly competitive, with Bluegrove AS being one of 65 companies selected from over 800 applicants across 30 countries. (kommunikasjon.ntb.no)

Since receiving the EIC Accelerator funding, Bluegrove AS has made significant advancements in their technology. The company has been actively developing the Welfare Shield system, focusing on integrating acoustic sensors and video cameras to monitor fish behavior effectively. This integration aims to provide real-time, objective data on fish health, enabling aquaculture producers to take immediate action to address welfare issues. (kommunikasjon.ntb.no)

In terms of market demonstration, Bluegrove AS has been collaborating with aquaculture producers to implement the Welfare Shield technology. While specific details about customer deployments or pilot projects are not extensively documented, the company's active development efforts suggest ongoing engagement with industry partners to validate and refine their technology in real-world aquaculture settings.

Regarding intellectual property, there is no publicly available information indicating that Bluegrove AS has filed new patents or published scientific studies, clinical trials, or whitepapers since receiving the EIC Accelerator funding. The company's focus appears to be on the development and commercialization of their existing technology, with an emphasis on practical applications within the aquaculture industry.

In summary, Bluegrove AS continues to advance its Welfare Shield technology, aiming to revolutionize fish welfare monitoring in aquaculture. While specific details on market demonstrations and intellectual property developments are limited, the company's ongoing efforts reflect a commitment to enhancing sustainable seafood production through innovative technological solutions.

5 The Partnerships and Customers

Since receiving the European Innovation Council (EIC) Accelerator funding on June 16, 2021, Bluegrove AS, a Norwegian aquatech company specializing in salmon farming technologies, has significantly expanded its partnerships and customer base.

Acquisition of SEALAB

In August 2020, prior to the EIC funding, Bluegrove, through its subsidiary CageEye AS, acquired SEALAB, a fellow aquatech company. This strategic move aimed to enhance their sensor technology capabilities and create an open platform for integration with other suppliers. The merger combined SEALAB's advanced machine learning algorithms for fish monitoring with Bluegrove's hydroacoustic sensor technology, enabling improved fish welfare and productivity in salmon farming. (thefishsite.com)

EIC Accelerator Funding and Technological Advancements

The EIC Accelerator funding of €3.5 million, comprising a €2.5 million grant and a €1 million investment, was awarded to Bluegrove to further develop and commercialize its Welfare Shield technology. This technology specializes in the early detection of health and welfare issues in farmed fish, allowing producers to take immediate action, thereby reducing the risk of disease outbreaks and promoting healthy fish growth. (thefishsite.com)

Expansion into Land-Based Aquaculture

In March 2021, Bluegrove collaborated with the Norwegian Research Center (NORCE) to secure funding for an R&D trial aimed at adapting its hydroacoustic sensor system for land-based farming settings. This initiative marked Bluegrove's expansion into land-based aquaculture, broadening its technological applications beyond traditional sea-based salmon farming. (undercurrentnews.com)

Strategic Partnerships and Market Positioning

The acquisition of SEALAB and the subsequent technological advancements have positioned Bluegrove as a leader in integrating advanced sensor technologies within the aquaculture industry. The combined expertise in hydroacoustic sensors and machine learning algorithms enables Bluegrove to offer comprehensive solutions that enhance fish welfare and optimize feeding strategies. These developments have strengthened Bluegrove's market position, allowing it to cater to a broader range of aquaculture operations, including both sea-based and land-based farms.

Technological Advancements and Scaling

The integration of SEALAB's machine learning algorithms with Bluegrove's hydroacoustic sensor technology has facilitated the development of more sophisticated monitoring systems. These systems provide real-time insights into fish behavior and health, enabling farmers to make data-driven decisions that improve productivity and sustainability. The EIC Accelerator funding has further supported the scaling of these technologies, allowing Bluegrove to enhance its product offerings and expand its reach within the global aquaculture market.

In summary, since receiving the EIC Accelerator funding, Bluegrove AS has strategically expanded its partnerships and customer base, leading to significant technological advancements and a strengthened position in the aquaculture industry.

6 The Hiring and Company Growth

Bluegrove AS, formerly known as CageEye, has demonstrated significant growth and strategic development since receiving the EIC Accelerator funding on June 16, 2021. This funding has been pivotal in advancing their mission to enhance efficiency and sustainability in the aquaculture industry.

Current Team Size and Hiring Status

As of July 2022, Bluegrove's team had expanded from 3 to over 50 members, reflecting substantial growth over a short period. This expansion was achieved through strategic acquisitions and targeted hiring efforts. (salmonbusiness.com) While specific current headcount figures are not publicly disclosed, the company's ongoing projects and recent developments suggest a continued upward trajectory in team size.

Bluegrove has been actively recruiting to support its growth initiatives. In August 2024, the company welcomed a new project engineer, Frikk Knutsen, who was attracted by the opportunity to join a rapidly growing company. This hire underscores Bluegrove's commitment to strengthening its engineering capabilities. (bluegreengroup.no)

Growth and Strategic Expansion

The €3.5 million in EU funding secured in October 2021 has been instrumental in developing Bluegrove's 'welfare shield' technology, an early warning system for welfare issues among farmed fish. (undercurrentnews.com) This innovation aligns with the company's strategic focus on integrating advanced technologies to improve aquaculture practices.

In August 2020, Bluegrove acquired SEALAB, a fellow aquatech company, to combine their sensor technologies and create an open platform for integration with other suppliers. This acquisition aimed to enhance Bluegrove's technological capabilities and market presence. (salmonbusiness.com)

Key Positions and Management Changes

In July 2022, CEO Bendik S. Søvegjarto resigned after eight years with the company, during which he co-founded Bluegrove and led its growth from a small startup to a significant player in the aquatech sector. His departure marked a pivotal moment in the company's leadership. (salmonbusiness.com) Following Søvegjarto's resignation, Martin Munkeby was appointed as interim CEO, indicating a period of transition and potential strategic realignment within the company.

Impact of New Team Members

The recent hiring of Frikk Knutsen as a project engineer is expected to bolster Bluegrove's engineering team, contributing to the development and implementation of innovative solutions in aquaculture. His role is crucial in advancing projects like the 'welfare shield' technology, which aims to enhance fish welfare and operational efficiency. (bluegreengroup.no)

The acquisition of SEALAB has integrated additional expertise and resources into Bluegrove, enabling the company to offer more comprehensive solutions to the aquaculture industry. This strategic move is anticipated to accelerate product development and market expansion. (salmonbusiness.com)

In summary, since receiving the EIC Accelerator funding in June 2021, Bluegrove AS has experienced significant growth through strategic acquisitions and targeted hiring. The integration of new team members and technologies positions the company to scale its operations and continue driving innovation in the aquaculture sector.

7 The Media Features and Publications

Overview of Bluegrove AS

Bluegrove AS is a Norway-based aquatech firm that emerged from the collaboration between CageEye, an aquaculture technology firm, and NorseAqua, a fish farming equipment maker. The company aims to revolutionize the aquaculture industry by leveraging advanced technologies such as the Internet of Things (IoT) and machine learning.

Media Features and Publications

Bluegrove AS has been featured in media outlets primarily for its innovative approach to aquaculture using cutting-edge technologies. One notable article highlighted their use of IoT sensors and machine learning to optimize fish feeding and monitor health in aquaculture settings seafoodsource.com. However, specific publications that have named Bluegrove AS outside of this context are not widely documented in available search results.

Content from Publications

The content from publications focuses on Bluegrove's technological advancements and their potential impact on the aquaculture industry. For instance, the ability to reduce feed waste and predict disease outbreaks through automated pattern recognition is a significant area of interest seafoodsource.com.

Podcasts or Interviews

There is no publicly available information on podcasts or interviews specifically featuring the team of Bluegrove AS. Their focus on tech-driven aquaculture solutions might suggest potential future appearances in industry-focused media.

Conference and Fair Visits, Presentations or Participations

Details about Bluegrove AS's participation in conferences or fairs are not readily available. However, their innovative approach to aquaculture makes them likely candidates for presenting at industry events focused on technology and sustainability.

Involvement in Events

While specific event involvement by Bluegrove AS is not documented, their mission to transform the aquaculture industry through technology aligns with the themes of many sustainability and tech-focused events in the sector.

EIC Accelerator Funding

Bluegrove AS received funding from the EIC Accelerator in June 2021, which marks a significant milestone in their journey to scale up their technological solutions for the aquaculture industry.

Conclusion

Bluegrove AS is at the forefront of leveraging technology to enhance sustainability and efficiency in aquaculture. Despite limited public appearances in media and events, their innovative approach positions them well for future recognition and involvement in industry forums.