Aquaconnect, the Pond to Plate ecosystem, which provides end-to-end solutions to Shrimp and Fish farmers powered by AI & satellite remote sensing technologies , has raised $15 million in a Series A round of funding led by Lok Capital.
Aquaconnect was founded in Chennai, 2017 to deliver technology like AI and satellite remote sensing. The company plans to invest the new capital to expand its reach in the valued chain of the aquaculture industry. Aquaconnect further aims to strengthen its pre-harvest chain by tripling its AquaPartners network to provide services to the fish and shrimp farmers.
“We’ve added about 500 AquaPartners in the last 12 months and this phygital network has helped us scale phenomenally across six major aquaculture production states,” said Aquaconnect Founder and CEO Rajamanohar Somasundaram.
“In the next 12 months, we are set to triple our AquaPartners’ network across India and optimize our service offerings.” Somasundaram added.
Aquaconnect adds 500 AquaPartners in 12 Months
AI-powered farm advisor, an app from Aquaconnect captures pond data to provide data-driven farm advisory to help farmers improve their farm productivity up to 15% and reduce losses. It uses deep learning to provide context-aware alerts & suggestions to improve water quality, aquatic health and optimize feed consumption.
In the post-harvest chain, the the company aims to scale its seafood market linkage across domestic markets in India. Additionally, Aquaconnect plans to increase its seafood exports to markets like the US, China and Japan. Hari Krishnan, Partner, Lok Capital said, “Aquaconnect, with its deeptech intervention, has the potential to disrupt the Indian aquaculture value chain and emerge as a key player in the growing blue food segment.”
This funding round also saw participation from Louis Dreyfus Company Ventures and Suneight Investment along with existing investors including Omnivore, Rebright Partners, Flourish Ventures, HATCH, and other debt investors. This startup earlier raised $4 million in a Pre-Series A round in July 2021 and a venture debt amount of Rs 60 crore in March this year.
This startup earlier raised $4 million in a Pre-Series A round in July 2021 and a venture debt amount of Rs 60 crore in March this year.
