The firm will use the proceeds for R&D.
Aquatech startup Umitron has successfully raised $11.2m (US$8.25m) in an equity financing round, which it claims is the largest early-stage investment in aquatech. 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 whilst also avoiding eutrophication and red tide.
Umitron's technology optimises the aquaculture feeding process by reducing cost and 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 aquaculuture.
"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.
The latest funding round was a co-investment involving the participation of Innvation Network Corporation of Japan, Design for Ventures (D4V) by IDEO and angel investors. The funding will be used to strengthen Umitron's existing services and R&D activities.
Photo from Umitron
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