Fish-feed­ing tech startup Umitron bags $11.2m fund

Singapore Business Review - - STARTUPS -

Aquat­ech startup Umitron has suc­cess­fully raised $11.2m (US$8.25M) in an eq­uity fi­nanc­ing round, which it claims is the largest aquat­ech early-stage in­vest­ment. Umitron’s first prod­uct called Umi­gar­den is an Iot-pow­ered feed­ing man­age­ment sys­tem that could op­ti­mise feed­ing cost through data.

A pro­pri­etary al­go­rithm de­vel­oped by the team is said to have the abil­ity to de­tect when fish are hun­gry, al­low­ing farm­ers to feed their fish at the right time. Data-driven anal­y­sis of feed­ing can sig­nif­i­cantly ben­e­fit the aqua­cul­ture in­dus­try es­pe­cially as feed­ing rep­re­sents roughly 50% of to­tal pro­duc­tion costs and avoid eu­troph­i­ca­tion and red tide.

Umitron’s tech­nol­ogy op­ti­mises the aqua­cul­ture feed­ing process by re­duc­ing cost whilst re­duc­ing en­vi­ron­men­tal risk. In May, Umitron en­tered into a re­search agree­ment with Ai­nan mu­nic­i­pal­ity, Ehime pre­fec­ture in

Ja­pan to demon­strate the ca­pa­bil­i­ties of their tech­nol­ogy as they bid for the devel­op­ment of sus­tain­able aqua­cul­ture.

“Umitron is here to in­stall

Sus­tain­able Aqua­cul­ture on Earth and im­prove safety, eco-friendly, stable sup­ply of aquatic re­sources and work en­vi­ron­ment in aqua­cul­ture by tech­nol­ogy,” the com­pany said in a state­ment. It was a co-in­vest­ment round by In­no­va­tion Net­work Cor­po­ra­tion of Ja­pan, De­sign for Ven­tures (D4V) by IDEO and an­gel in­vestors. The fi­nanc­ing will be used to strengthen Umitron’s ex­ist­ing ser­vices and re­search and devel­op­ment ac­tiv­i­ties. Umitron also claimed that to date, this is the high­est early-stage in­vest­ment made in the aquat­ech sec­tor.

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