News Technology14 Sep 2018

Singapore:Aquatech startup provides data services for aquaculture insurance

| 14 Sep 2018

Singapore-based aquatech startup Umitron has started data services to provide reliable data for aquaculture insurance, leveraging IoT and satellite remote sensing.

Umitron’s patent-pending technology enables users to quantify the asset value of the fish and provides environmental data for risk assessment.

Co-founder/managing director Masahiko Yamada announced that the company has raised S$3.7mil funding from Mirai Creation Fund operated by SPARX Group on 6 September as the additional closing of first enterprise equity finance which was announced on 8 June, 2018. The total investment in this round becomes S$15.2mil and it would be the largest amount of fundraising as an early-stage startup in aquatech to date.

With the funding, Umitron enhances its services and promotes new research and development utilising aquaculture data. With the aim of expanding its services, Umitron invites overseas business partners, such as enterprise aquafarms and insurance providers, for sustainable aquaculture.

Umitron says that it sees marine aquaculture production could potentially be increased by over 100 times compared to today by estimating location-specific growth potential using the temperature tolerance of aquaculture species with other important factors such as ocean depth. One challenge is to find ways to support aquafarmers from environmental risk such as disaster in the open ocean.

There have already been several insurance schemes for aquaculture to reduce risk for farmers, but aquaculture insurance has been facing technical challenges to evaluate the value of the fish insured as well as to accumulate environmental data from farming sites.

Founded in 2016 and based in Singapore (HQ) and Japan (R&D HQ), Umitron in July started a project to utilise AI · IoT technologies to automate the valuation of aquaculture movables and the inventory value of cultured fish in Oita prefecture in Japan. Through the system, aquaculture farmers will be able to acquire near-real-time data of movables value at each fish cage, which would help them manage their business.


 

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