Evaluating only Fisheries.io’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
Fisheries.io founded in Bergen to bring IoT sensor networks to Norwegian salmon farms
FUNDING
Raised NOK 18M from Investinor and regional fish industry investors
PRODUCT LAUNCH
Deployed sensor networks at 6 farms but hardware costs per cage proved unviable at NOK 600K+
SHUTDOWN
Liquidated after Investinor and co-investors declined follow-on; only 6 paying clients remained
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Documented cause
Fisheries.io, a Bergen-based aquaculture IoT platform, raised NOK 18M to deploy underwater sensor networks for salmon farm biomass estimation and lice detection. Hardware deployment costs per farm cage exceeded NOK 600K, far above what small-to-medium Norwegian fish farmers could absorb. Larger operators like Mowi and SalMar built proprietary solutions. By 2021, with only 6 paying clients and NOK 22M spent, investors including Investinor declined follow-on funding and the company was liquidated.
Lesson
“Aquaculture hardware must have a path to under $50K per-site cost or target only large industrial operators.”
Failure anatomy
Collapse type
Bankruptcy
📉 MEDIUM
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