eFishery, an Indonesian aquaculture technology company, recently raised $108 million in a Series B funding round, bringing its valuation to over $1 billion and attaining unicorn status. This achievement highlights the rapid growth of the aquaculture industry and the increasing demand for sustainable seafood.
Aquaculture, also known as fish farming, is the practice of cultivating aquatic organisms such as fish, shellfish, and seaweed in controlled environments. It is a rapidly growing industry, with global production increasing by an average of 5.8% per year since 2000. In 2018, aquaculture accounted for 46% of the world’s fish supply, and it is projected to surpass wild-caught fish as the primary source of seafood by 2030.
eFishery is a company that provides smart feeding solutions for fish and shrimp farmers. Its technology uses sensors and artificial intelligence to monitor fish behavior and adjust feeding schedules accordingly, reducing waste and improving efficiency. The company also offers a mobile app that allows farmers to monitor their ponds remotely and receive real-time updates on feeding schedules and water quality.
The recent funding round was led by U.S.-based firm Northstar Group, with participation from investors including Temasek, SoftBank Ventures Asia, and Aqua-Spark. The funds will be used to expand eFishery’s operations in Indonesia and other Southeast Asian countries, as well as to develop new products and services.
The growth of eFishery and other aquaculture companies is driven by several factors. One is the increasing demand for seafood, particularly in Asia where rising incomes and changing diets have led to a surge in consumption. Another is the need for sustainable food production methods that can meet this demand without depleting wild fish stocks or damaging the environment.
Aquaculture has the potential to be a more sustainable alternative to wild-caught fishing, as it can be done in a controlled environment with minimal impact on natural ecosystems. However, it also faces challenges such as disease outbreaks, water pollution, and the use of antibiotics and other chemicals.
Companies like eFishery are working to address these challenges by developing innovative technologies that improve efficiency and reduce waste. By doing so, they are helping to create a more sustainable and resilient aquaculture industry that can meet the growing demand for seafood while protecting the environment.
In conclusion, eFishery’s recent funding round and unicorn status demonstrate the rapid growth of the aquaculture industry and the increasing demand for sustainable seafood. As the world’s population continues to grow and diets change, it is essential that we find ways to produce food that are both environmentally sustainable and economically viable. Aquaculture has the potential to be a key part of this solution, and companies like eFishery are leading the way in developing innovative technologies that can help make it a reality.
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- Source: https://zephyrnet.com/efisherys-108m-raise-and-unicorn-status-proves-aquaculture-is-swimming-upstream/