East Coast Innovation Inc. has raised more than $550,000 so far in its first institutional financing round, as the company gains traction with its fish-loading technology for the global salmon farming industry.

The New Brunswick Innovation Foundation issued a press release Wednesday saying it has committed $350,000 as lead investor in the funding round, which hasn’t closed yet. TLT Ventures is also an investor, and TLT Managing Director Michael Brown told Entrevestor his fund is investing $200,000. Existing investors have also committed to investing in the round, said the statement. 

Based in St. Andrew’s, NB, East Coast Innovation said the capital will be used to support commercialization, business development and operational growth as it seeks to expand its customer base in international aquaculture markets.

"This investment marks an important milestone for East Coast Innovation," said East Coast Innovation CEO Joel Halse in the statement. "Developing new technology for a global industry takes time, persistence and strong partners. Having NBIF lead this round gives us the resources to accelerate commercialization and bring SmoothMove to more salmon producers looking to improve fish welfare, operational performance, sustainability and profitability."

Founded in 2020, the New Brunswick company has spent more than six years developing its patent-pending SmoothMove system, a fish-loading device designed to reduce stress on salmon during transfer operations.

Conventional loading systems draw fish into transfer hoses through a funnel, limiting operators' visibility above and below the water while providing little control over the rate at which fish enter the pumping system. East Coast Innovation says its system allows fish to be loaded at lower densities and at a more consistent rate, helping keep fish calm during transfers.

The company recently reached a commercial milestone by signing its first commercial agreement for the technology. SmoothMove is now operating full time aboard the Norwegian harvest vessel Tauranga, owned and operated by Napier AS, which carries out harvest operations for global salmon producer Mowi.

According to the company, the SmoothMove 400 has been in continuous operation aboard the vessel since Jan. 28, without operational downtime. More than 4 million kilograms of salmon were loaded for harvest in a single month using the system.

Napier Chief Operating Officer Kåre Andreas Cederström said the company observed calmer fish during testing. "Throughout the test period with SmoothMove, we have seen positive aspects related to fish behavior," he said. "Fish are calm throughout the process, making loading operations efficient."

He said the company collected an initial data set indicating positive impacts on fish health during commercial trials, with additional testing by fish-health professionals continuing.

The global salmon farming industry is valued at about US$21.4 billion, according to East Coast Innovation.

TLT’s Brown said the company's technology addresses an operational challenge for salmon producers and demonstrates Atlantic Canada's strength in aquaculture innovation.

"East Coast Innovation has engineered a practical, highly scalable solution to one of the costliest operational bottlenecks facing the global aquaculture industry," said Brown. "Aquaculture technology is an emerging domain where Atlantic Canada holds a genuine, underappreciated technical advantage. The unique combination of localized operational expertise, an ideal marine environment, and deep industry density creates the exact conditions required to build global category leaders right from our own borders."