Ireland's aquatech sector is making waves

Business Post

10 hours ago

A key pillar of Ireland's seafood economy is the aquaculture sector, which reported value growth of 25 per cent and volume growth of 4 per cent last year, according to the latest Business of Seafood report by Bord Iascaigh Mhara (BIM), Ireland's seafood development agency.
With a total value of €211 million – of which salmon accounted for €142 million last year – Ireland is establishing a reputation for high-quality aquaculture, although the sector has a long way to go to catch up with the likes of Norway, or international powerhouses like China or Chile.
Where Ireland does have the potential to make a global impact, however, is in aquatech. In 2023, BIM declared that Ireland has the potential to become the 'Silicon Valley of the aquatech industry', such was the level of investment taking place in the nascent sector.
Two years on, that momentum has shown no signs of slowing, according to Caroline Bocquel, chief executive at BIM.
'The Irish aquatech sector started at zero five years ago, and is now worth about €165 million,' she explained. 'What we've seen is that companies that have come through in the sector have spent one or two years in their startup phase, then moved on to Series A and Series B funding. Now they're really taking off.'
Aquatech covers a broad range of services, including marine engineering, genetics, feed additives, bioscience, health solutions and digital technologies, with much of the innovation in this sector supporting global salmon and shrimp farming, as well as domestic shellfish and seaweed operators. As global demand for sustainable aquaculture continues to gain pace, Ireland is well-positioned to capitalise.
'There's a limit to the amount of aquaculture that Ireland can produce, but there's a €300 billion international aquaculture industry that we, as a country, can support,' said Bocquel.
'Aquaculture is relatively new – it's only about 50 years old as a sector – and it's moving at pace in terms of using technology to make farms more efficient, improve survivability, disease resistance, etc. We now have a stable of companies that are able to provide that technology, at a global level, and that will continue to grow over the coming years.'
BIM has been investing in the aquatech industry for the past six years, and currently supports more than 70 companies in the sector, a figure it expects to grow exponentially.
The Irish aquatech sector started at zero five years ago, and is now worth about €165 million
BIM recently announced details of its 2025 Aquatech Innovation Studio, in partnership with Hatch Blue and backed by the European Maritime, Fisheries and Aquaculture Fund (EMFAF) – a six-day programme to support early-stage aquatech startups. The initiative provides mentoring, investor training and technical development, providing a springboard for aquatech innovation.
Auranta (www.auranta.ie) is an example of an Irish business that has gained an international footprint in the aquatech sector. The Dublin-based biotech company, which develops fish feed to bolster the immunity and gut health of species like shrimp and salmon, was awarded the BIM Aquatech Business of the Year award in 2024.
'There's a huge opportunity in this space, as we can offer a test bed for new technologies in our farms, ahead of their deployment internationally,' says Bocquel. 'Ireland has successfully grown businesses in other tech sectors – we see an opportunity to replicate this in aquatech.'
As well as mentoring services, BIM assists Irish aquatech firms in accessing venture capital ('we hold their hand for the first three or four years') until they become self-sufficient and more established in their funding rounds.
The net result is little short of astounding. Bocquel admits that she is 'blown away' by the level to which businesses in the sector have matured in such a short space of time.
'Watching them talk about their business makes you think, 'Oh my God, why didn't anyone else think of that? That's brilliant',' she said.
The application process for the BIM Aquatech Innovation Studio is open until 18 July, with the studio running from October 13 to 18. Details are available at www.bim.ie.