Umitron enables fish farmers to quantify the asset value of their produce and provides environmental data for risk assessment
Singapore- and Japan-based aquatech startup Umitron has secured S$3.7 million (US$2.7 million) in additional investment from Mirai Creation Fund operated by SPARX Group, an independent Asia-based equity and credit asset management services, in its enterprise equity finance, which was announced on June 8, 2018.
This brings Umitron’s total investment to date to S$15.2 million (US$11 million).
The company will use the proceeds to enhance its services and promote new R&D utilising aquaculture data.
Umitron’s mission is to “install sustainable aquaculture on earth”, by realising stable and efficient production of fish using technology. Its patent-pending technology enables fish farmers to quantify the asset value of their produce and provides environmental data for risk assessment.
In June, the company released its first product, called UmiGarden. A remote feeding management system, it utilises IoT technology to provide fish feeding and monitoring via internet. At the same time, by analysing the data acquired by UmiGarden, Umitron optimises the amount and timing of feeding, thereby contributing to reducing food consumption and improving working environment.
Aquaculture industry is struggling with the increasing price of feed ingredients, and optimising feeding is one of the key challenges to be addressed. Typically, aquaculture feeding cost accounts for more than 50 per cent of the total production cost.
On the other hand, overfeeding causes water problem such as eutrophication of the ocean and red tide.
The startup claims UmiGarden will optimise feeding in aquaculture and saves production costs as well as reduces environmental risks for sustainable aquaculture.
Earlier, the startup has closed US$8.2 million in an equity financing round from Innovation Network Corporation of Japan.