Catchwise funding news – Norway-based Catchwise Secures €1.25 Million in Pre-Seed Funding

Reducing fuel use usually means investing in new equipment or vessels for small improvements, but Catchwise aims to change that approach.

Using satellite tracking data, 20 years of fishery records, and ocean data like temperature and salinity, Catchwise provides valuable insights that help fishing captains improve their operations. Their platform combines real-time visuals, predictive analytics, and automation into one easy-to-use solution.

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The platform is still being developed, but it already shows great potential to reduce search time and eventually cut fuel use by up to 50%. It currently supports over 50 vessels daily and has 20 paying customers who manage more than 50 fishing vessels in total.

Catchwise was founded by Ludvig A. Løddesøl, Tomas Roaldsnes, Jonas Dammen, Kristian Andersen Hole, and Åsmund Brekke. They combined their AI expertise and experience in commercial fishing after winning the FishAI: Sustainable Commercial Fishing competition in 2022.

Ludvig Løddesøl, CFO and co-founder of Catchwise said, "This funding milestone is a key enabler for us to lean in and give the fishing industry the modern software they deserve, as well as a nod from the international investment community that there is significant value to be created here,".

Dreamcraft Ventures led the funding round, with Sondo and Ocean Impact also joining in. Additional support came from angel investors with experience in startups like Oda, Enode, and Meltwater.

According to Daniel Mariussen at Dreamcraft Ventures, by harnessing AI and data-driven technology, Catchwise is transforming fishing practices for a more efficient, cost-effective, and sustainable future. "Their cutting-edge solution is already delivering increased catch efficiency, reduced operational costs, and a lower carbon footprint—ushering in a new era for the industry."

Henrik Hatlebrekke, Sondo said, "Catchwise is exactly the type of team that we love to partner with! They combine a deep understanding of data and AI with customer obsession, and they're not aiming to incrementally improve anything — they're aiming to change the fishing industry entirely; making it truly data-driven and more sustainable!".

With the new funding, it is working to make sure its product fits the needs of different fisheries and to develop its AI solution for use at sea.

About Catchwise

Catchwise uses data, modern technology, and AI to help fishing operations become much more fuel-efficient while providing sustainable food.