eFishery reels in funding from Aqua-Spark and Ideosource

eFishery smart feeding device

eFishery, a smart fish feeder manufacturer based in Bandung, Indonesia, announced today it received an undisclosed pre-­series A funding round led by Aqua­-Spark, a Netherlands-based aquaculture investment fund. Indonesian venture capital firm Ideosource also participated in the round.

As an Internet of Things (IoT) startup for fish and shrimp farming, eFishery is tackling one of the supposedly largest challenges in commercial aquaculture. According to the firm, fish feeding traditionally eats up between 50 and 80 percent of all overhead costs in the business. Overfeeding negatively impacts the environment in many ways, says eFishery, as a great deal of fish food ultimately goes to waste. It also harms the health of a farmer’s stock. Underfeeding, on the other hand, means fish may not survive.

The result of unmeasured and inexact fish feeding methods on a commercial scale means monetary losses for farmers. eFishery offers an automatic smart feeder that uses sensors to measure the fish’s appetite and then dispense food appropriately. Designed for both small and large scale operations, the system can also deliver real-­time reports of consumption straight to the farmer’s smartphone.

eFishery team

See: eFishery lets farmers sense fish’s appetites via smartphone

Helping hungry fish around the world

“The problem that we are solving is the inefficiency of feeding in the fish farming business,” explains eFishery co-founder and CEO Gibran Chuzaefah Amsi El Farizy. “I saw the problem when I was a fish farmer myself. Fish feeding is done inefficiently by laborers, and farmers don’t have any technology to control the feeding yet.”

The firm makes money by selling smart feeders to farmers and distributors. It also charges a monthly subscription fee for the mobile software used to monitor and analyze the fish feeding activities in real-­time. On average, eFishery’s smart feeding system reduces the amount of feed used by 21 percent, the startup says. Over the past two years, eFishery has sold hundreds of units. Currently, the firm claims to have more than 17,000 fish and shrimp farms in its sales pipeline, which include orders from Thailand, Singapore, India, China, Brazil, and countries in Africa.

“We are very excited to solve the global challenge of fish feeding with eFishery,” says Amy Novogratz, partner at Aqua­-Spark. “Indonesia has about 3.3 million fishponds and 2.7 million fish farms. When brought to scale, it could have a massive impact across a global industry plagued by this challenge. It has the potential to set a new standard for aquaculture and make the industry more transparent, data­-driven, and accountable – all factors that will make businesses in this sector more investment ­friendly.”

A large market of fish mongers

“eFishery is a perfect example of a company that is solving real problems in a lucrative market,” says Andrias Ekoyuono, VP of business development at Ideosource. According to the Food and Agriculture Organization, more than 96 percent of fish farming activities worldwide are concentrated in Asia. In Indonesia alone, the overall market size for commercial aquaculture is US$5.4 billion.

See: Indonesia’s eFishery wins international pitch competition Get in The RingCurrently, eFishery’s products are only available in Java, Bali, and Sumatra. eFishery will use its newly acquired cash to engage distributors, find local partners, and expand its market share in Indonesia. The firm will also implement a rental model in which farmers can borrow eFishery’s products and pay a monthly subscription fee, or even just make payments after harvest periods. This way, the firm believes small scale farmers may find it easier to adopt eFishery’s tech.