December 18, 2018

Singapore-based startup gets funding to improve aquaculture production in Peru


A US$2 million funding directed towards improving aquaculture productivity in Lake Titicaca, Peru, had been approved for Umitron, a Singapore-based aquaculture tech start-up. 


The project - which will also involve the company's partner Abaco and its subsidiary Piscis - is financed by IDB Lab, the Inter-American Development Bank Group's (IDB) innovation laboratory. It will seek to improve the local trout farming industry's economic and environmental sustainability.

Piscis is one of Peru's biggest trout farmers.

According to The Straits Times, Umitron was founded in 2016 in Singapore and Japan. The start-up develops data platforms which employ Internet of Things (IoT), artificial intelligence (AI) and satellite remote sensing.

With its AI-driven feeding technology, Unitron could help improve safety at Piscis' farms, as well as cutting down overfeeding and controlling the growth of harmful algae. This application will be tested and calibrated by the company using IDB Lab's resources.

In addition, the funds will be used to train local producers and expand Umitron's solution in the Lake Titicaca region. The objective of the company's project is to implement data-based aquaculture feeding technology in Peru and eventually, all of Latin America.

The Peru project marks the start of Umitron's long term plans to create technology for Latin American aquaculture producers. The company is currently looking for other public-private partnerships to help aquaculture producers improve environmental sustainability through impact investment. 

"Through our daily operation, we see many challenges facing the aquaculture industry such as economic and environmental sustainability. Finding solutions requires borderless collaboration between the public and private sector," said Masahiko Yamada, managing director of Umitron.

- The Straits Times