PORTLAND, MAINE – The Wells Fargo Innovation Incubator (IN2), a technology incubator and platform funded by the Wells Fargo Foundation and co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL), has selected Running Tide and six other startups to participate in the program’s twelfth cohort.
The twelfth IN2 cohort consists of seven companies focused on mitigating and adapting to the impacts of climate change via agricultural solutions. Running Tide, a global ocean health company that partners with nature to remove carbon and restore ecosystems, will receive up to $250,000 in non-dilutive funding to conduct technical assistance and field trial projects at the Donald Danforth Plant Science Center in St. Louis, Missouri, the world’s largest independent plant science research institute.
This funding will contribute to foundational macroalgae quantification efforts to continue Running Tide's advancement in understanding and ultimately verifying macroalgae growth, and thus carbon sequestration, in open ocean systems. This foundational research will involve partnering with experts at the Donald Danforth Plant Science Center to improve open source computer vision software to better quantify macroalgae growth under various oceanic conditions and using different imaging modalities.
“We’re incredibly excited about the potential of connecting with this amazing network of organizations working hard and innovating to save the planet,” says Running Tide Vice President of Biotechnology Dr. Rishi Masalia. “This is the biggest challenge of our lifetimes, and no one single company, government, or expert is going to fix this problem; it’s going to take everybody.”
Underwater phenotyping — especially the high-throughput phenotyping in aquaculture Running Tide will be advancing via the IN2 program — is effectively non-existent in the world today. This project represents a significant first step forward in that untapped sector, and will continue to advance Running Tide’s carbon removal quantification capabilities.
Launched in 2014, IN2’s portfolio now includes 72 companies in the commercial building, affordable housing, and sustainable agriculture spaces. Running Tide underwent an in-depth selection process by Wells Fargo, NREL, the Danforth Center, and IN2’s expert industry advisory board.
About the Wells Fargo Innovation Incubator (IN2)
The Wells Fargo Innovation Incubator (IN2) is a $50 million technology incubator and platform funded by the Wells Fargo Foundation. Co-administered by and housed at the National Renewable Energy Laboratory (NREL) in Golden, Colorado, IN2’s mission is to speed the path to market for early-stage, clean-technology entrepreneurs. Launched in 2014 with an initial focus on supporting scalable solutions to reduce the energy impact of commercial buildings, IN2 has since expanded its focus to advance technologies that address the sustainable production of agriculture and housing affordability. Companies selected for participation in the program receive up to $250,000 in non-dilutive funding from Wells Fargo, technical support and validation from experts at NREL and the Donald Danforth Plant Science Center, and ongoing connections to organizations across value chains. For more information, visit in2ecosystem.com.
About Running Tide
Running Tide is a global ocean health company. The ocean is critical to human and planetary health — but ocean health is in rapid and accelerating decline. We have the responsibility and ability to act. Running Tide is on a mission to restore ocean health, rebalance the carbon cycle, decarbonize global supply chains, and revitalize coastal communities. The company’s multidisciplinary team designs and develops integrated software and hardware systems, including monitoring and measurement capabilities to deploy nature-based interventions that remove carbon, combat ocean acidification, and increase the scientific understanding of ocean ecosystems. Running Tide is proudly headquartered in Portland, Maine, and operates across the US and abroad. Learn more at runningtide.com.