IMV Technologies has completed the acquisition of Genetirate, a biotechnology company focused on accelerating the sustainability of aquaculture.
Genetirate was launched in 2018 around a technology capable of identifying and sorting aquatic animal species (fish, crustaceans, and mollusks) by their metabolic rate. In spring 2019, Genetirate received the North Atlantic Seafood Forum’s Seafood Innovation Award for improving sustainability and production.
Genetirate’s founder, Dr. Benjamin Renquist of the University of Arizona College of Agriculture and Life Sciences, developed the technology that was patented with the aid of the university’s commercialization arm, Tech Launch Arizona, and licensed from the university. With support from aquaculture investment group Hatch.Blue, Genetirate technology was built into a company.
"IMV’s acquisition of GenetiRate is great news for the technology’s future, and a testament to the impactful research being undertaken at UArizona,” said Assistant Vice President of Tech Launch Arizona Doug Hockstad. “This is a great achievement for Dr. Renquist and we and look forward to working with him more in the future.”
“We are happy to have identified, invested in and sold a company in just under 2 years with a technology that will make the sector an order of magnitude more efficient. It´s great to see how our model of investing in sustainable aquaculture innovation and providing in-depth market know-how and network creates value to industry and investors alike,” said Dr. Carsten Krome, Managing Partner at Hatch.
Dr. Eric Schmitt, director of innovation, science, and technology at IMV Technologies, said, “We are excited to welcome Genetirate and its team to the IMV Technologies family. Dr. Renquist and his lab have developed important technology that we believe should be taken to the market for the benefit of the salmon, trout industries and beyond.”
IMV Technologies entered into the aquaculture industry in the early 2000’s with the acquisition of early salmonid egg-sorting technology, the Sustaf. Its presence later expanded to media and solutions for the preservation and storage of milt and eggs. The acquisition of ProSorter technology in 2016 cemented the company’s recognition as commercial provider of assisted reproduction technology for salmonids.
“With similar customer bases and products and a shared focus on technology development, joining the IMV family was a natural fit,” said Benjamin Renquist. “IMV will provide the foundation for us to rapidly expand the application of GenetiRate’s technologies to enhance production across the aquaculture industry. We look forward to developing technology to automate our selection process in most species.”
Press Contact: Angela De Mirjyn +1763-488-1881
IMV Technologies is the world leader in animal assisted reproduction biotechnologies. Founded in 1963, IMV Technologies, a French company, has subsidiaries and/or manufacturing facilities in Brazil, China, France, India, Italy, the Netherlands, Russia, Scotland, South Africa, and the United States. IMV Technologies operates leading brands in the areas of semen analysis, assisted reproduction, artificial insemination, and veterinary imaging. IMV Technologies’ Life Sciences division, CryoBio System, manufactures and distributes equipment and supplies for human assisted reproduction and biobanking.