PanaSea Aquaculture

What PanaSea Aquaculture does

PanaSea Aquaculture is a privately held, triple-bottom-line commercial sea cucumber aquaculture company founded in 2018 and headquartered in Linton Bay, Colón Province, on the Caribbean coast of Panama. The company operates the first commercial-scale open-ocean sea cucumber hatchery in the Western Hemisphere and holds the only sea-cucumber cultivation concession in Panama. Its core product is open-ocean cultivation of Isostichopus Badionotus (four-sided sea cucumber), produced via a sea-ranching method in which lab-reared juveniles are grown out in coastal ocean areas to market-ready adults.

PanaSea's business model is B2B export-led. Primary revenue is generated from the sale and export of dried sea cucumbers at Asian market prices of $132-358/kg dry weight (and $9.24-25.06/kg wet weight) into six Asian markets — China, Hong Kong, Taiwan, Singapore, Korea, and Malaysia — where the product is consumed as a luxury food, traditional medicine, and aphrodisiac. A secondary, higher-margin revenue stream comes from a partnership with Immortal Oceans, under which PanaSea supplies sea cucumber extracts being developed into medicinal products with anti-inflammatory, anti-cancer, immunomodulation, and neuroprotective applications. Distribution is direct to Asian enterprise buyers and OEM-style supply to Immortal Oceans.

Beyond commercial production, PanaSea layers environmental restoration and social impact into its operating model. Cultivation of sea cucumbers is positioned to counteract ocean acidification, suppress harmful algal blooms, and support coral and seagrass health — claims that are being scientifically validated through an ongoing research partnership with the Smithsonian Tropical Research Institute. The company also runs a broader conservation program (mangrove reforestation, sea turtle and iguana conservation, macaw nesting, beach cleanups, school education) and accepts tax-deductible donations to fund these initiatives. The team is led by co-founders David Grossman (CEO) and Allan Baitel, alongside General Manager Jon Beer, Scientific Advisor Luis Felaco (PhD candidate at CINVESTAV), Sustainability Lead Laura Canevari (PhD, King's College London), and PR lead Rosalind Baitel. Approximately $3 million has been invested to optimize the first commercial harvest, conducted in 2022 at Puerto Lindo — the first commercial sea cucumber harvest in the Americas.

Name

PanaSea Aquaculture

Legal name

PanaSea

Website

https://panasea.io

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

PanaSea Aquaculture is a triple-bottom-line commercial sea cucumber aquaculture company operating the first open-ocean hatchery in the Western Hemisphere on Panama's Caribbean coast, exporting to Asian luxury food and medicinal markets.

Ownership category

akta.pro rank

Product category

Seafood Aquaculture

NAICS

Other Aquaculture (112519), Aquaculture (1125), Seafood Product Preparation and Packaging (3117)

SIC

Prepared Fresh Or Frozen Fish & Seafoods (2092)

akta.pro primary industry

Offshore & Open-Ocean Aquaculture (AFAEAAAH)

Keywords

• Sea cucumber aquaculture
• Open-ocean hatchery operations
• Marine ecosystem restoration
• Commercial seafood export
• Sustainable aquaculture farming

Headquarters

HQ city

Colón

HQ country

Panama

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Sea Cucumber Production and Export: PanaSea produces and exports sea cucumbers (Isostichopus Badionotus) to Asian markets where they command prices of $132-358/kg dry weight and $9.24-25.06/kg wet weight. The company operates the first commercial-scale hatchery in the Americas and the only concession in Panama.
2. Medicinal Extracts Partnership: Partnership with Immortal Oceans to convert sea cucumber extracts into medicinal products, creating additional revenue streams from bioactive compounds with anti-inflammatory, anti-cancer, and neuroprotective properties.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

PanaSea Aquaculture operates the first commercial-scale open-ocean sea cucumber hatchery in the Western Hemisphere, cultivating Isostichopus Badionotus (four-sided sea cucumber) on the Caribbean coast of Panama using sea ranching methods. Lab-produced juveniles are grown in coastal ocean areas to market-ready adult size and exported as premium seafood to Asian luxury food and traditional-medicine markets. The company also supplies sea cucumber extracts to partner Immortal Oceans for conversion into medicinal products.

Product overview

PanaSea Aquaculture operates as a triple-bottom-line commercial sea cucumber aquaculture company headquartered on the Caribbean coast of Panama, founded in 2018. Its primary product is open-ocean sea cucumber cultivation (Isostichopus Badionotus species), which functions both as a high-value commercial food product and as a vehicle for marine ecosystem restoration. The company runs the first commercial-scale open-ocean sea cucumber hatchery in the Western Hemisphere. Beyond the core sea cucumber aquaculture product, PanaSea offers environmental impact services, a partnership with Immortal Oceans for medicinal sea cucumber extract production, and a holistic conservation program encompassing mangrove reforestation, wildlife protection, and community education — all aligned with UN Sustainable Development Goals.

Differentiator

Problem solved

Functional benefit

Products and services

• Isostichopus Badionotus (Four-Sided Sea Cucumber) Aquaculture Products Commercial-scale cultivated sea cucumbers (Isostichopus Badionotus) produced through open-ocean hatchery and sea ranching methods on the Caribbean coast of Panama; exported as premium seafood (wet and dry weight forms) to enterprise buyers in Asian luxury food and traditional-medicine markets including China, Hong Kong, Taiwan, Singapore, Korea, and Malaysia.

Quantifiable outcome

• Coral reefs can sustainably produce 5-15 tons of fish, crustaceans, and other invertebrates per square kilometer per year when healthy
• +2 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Immortal OceanscoreStrategic or Co-development PartnerPartnership with Immortal Oceans to convert sea cucumber extracts into life-saving medicines. Extracts from Panasea's sea cucumbers are being developed into medicinal products leveraging bioactive compounds with potential anti-inflammatory, anti-cancer, immunomodulation, and neuroprotective properties. This represents a value-add revenue stream beyond raw sea cucumber sales.
• Smithsonian Tropical Research Institute (STRI)coreStrategic or Co-development PartnerOngoing partnership with Smithsonian Tropical Research Institute to scientifically demonstrate the dramatic and immediate impact of restoring sea cucumbers on seagrass and coral ecosystems. STRI conducts monitoring and research that validates the environmental claims of PanaSea's operations.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Atarraya: Mexico-based shrimp aquaculture technology startup pursuing sustainable recirculating systems. Comparable as a Latin American aquaculture technology company targeting export markets.
• Australis Aquaculture: Marine barramundi and ocean fish aquaculture company focused on sustainable production. Comparable as a tropical marine aquaculture operator pursuing premium markets with ESG positioning.

Broad incumbents

• Mowi: World's largest Atlantic salmon farmer with integrated aquaculture operations. Comparable as a scaled marine aquaculture incumbent, though operating in salmon rather than sea cucumbers.
• Regal Springs: Vertically integrated tilapia aquaculture producer with operations in Latin America. Comparable as a tropical-region aquaculture operator serving global protein markets, though a different species.
• Cermaq: Norwegian-owned global salmon and shrimp aquaculture operator. Comparable as an established marine aquaculture producer, though focused on finfish and shrimp rather than sea cucumbers.
• Thai Union Group: Global seafood conglomerate with aquaculture and value-added seafood products. Comparable end-market exposure to Asian seafood consumers and global distribution infrastructure.

Direct peers

• Dalian Bangchui Island: Chinese seafood and aquaculture producer with sea cucumber among its key product lines. Directly comparable species mix and target consumer markets as PanaSea.
• Shandong Oriental Ocean Sci-Tech: One of China's largest aquaculture companies producing sea cucumbers, seaweed, and marine fish at industrial scale. Comparable as a sea cucumber aquaculture producer serving Asian premium food markets.
• Immortal Oceans: PanaSea's commercial partner converting sea cucumber extracts into pharmaceutical products. Closely comparable given shared feedstock (sea cucumbers) and overlapping pipeline of bioactive compounds.
• Dalian Zhangzidao Fishery Group: Major Chinese aquaculture group cultivating premium seafood including sea cucumber, abalone, and scallops for Asian luxury markets. Directly comparable product category and customer base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PanaSea Aquaculture