River Capital Investment Director David Walters, Fotenix CEO Charles Veys and River Capital Venture Partner Martin Sutton.
Press Release
The River Capital EIS AI Fund ‘fund:AI’, the North’s first dedicated AI fund, has made a six-figure equity investment into Salford based AgriTech firm Fotenix Limited. Fotenix is fund:ai’s 5th investment since its launch in 2022.
Fotenix are on a 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 AI Digital Twin software along with its patented multi spectral camera equipment (often connected to robotics) allows growers to detect outbreaks of crop disease and infestations much quicker than the human eye and protect their crops, so improving their yields.
The funds will allow Fotenix to develop its sales and marketing function as well as continue further product development.
Fotenix was founded by CEO Dr Charles Veys and is a University of Manchester spinout.
Commenting on the Investment Fotenix CEO Charles Veys said:
‘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. By expanding our operations, we’re delivering data-driven production to more growers, helping them cut costs, improve efficiency, and adopt more sustainable practices. Based in Greater Manchester, we’re also uniquely positioned to leverage the region’s growing AI expertise to drive the viability of UK fresh produce.’
Investment Director for River Capital David Walters commented:
‘We are delighted to make our 5th investment 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. We live in a world where population growth is putting immense strain on food resources and the Fotenix AI systems help to create improved efficiencies in the growing and breeding of the food we eat Fotenix technology is already used in the production of fruit and veg that we see in major UK supermarkets and we are now bringing expert industry support to the business to help Charles to deliver his mission. Our thanks also to Brabners LLP and Daniel Hayhurst who provided legal support for the fund:AI investment.’