FaunaPhotonics raised DKK 6.4 million (USD 1 million) from private investors in July 2018, the fourth capital injection since the company was founded in 2014. The new investment round includes an American private investor from the wealthy E.W. Scripp’s family, which according to Forbes, has a net worth of more than USD 7 billion. FaunaPhotonics CEO, Michael Stanley Pedersen, is looking forward to the possibilities with the new investment.
“This investment opens up for possibilities to hire additional technical and commercial resources. Our commercial and technical cooperation with leading international companies requires that we have the best possible technical team in place. Our commercial activities bring more and more opportunities and we need a strong team to lift these in the time horizon and with the quality required.”
The management team is in dialogue with several international venture capital funds, as it is the plan to secure a major investment to further strengthen the company. FaunaPhotonics works with patented laser technology for digitalization of insects observed in agricultural fields and other relevant areas. It is expected that the newly developed insect sensor technology will lead to improvements in insect pest control in agriculture, reduction in insecticide use and more sustainable food production. FaunaPhotonics works closely with leading international companies such as Bayer and BASF, in precision farming to spread the concept globally. In addition, FaunaPhotonics’s has activities in the Public Health segment for monitoring and classifying disease-bearing insects, including malaria, and in the aqua culture segment primarily with focus on salmon lice in salmon farming.