Singaporean-Japanese start-up Umitron nets SG$3.7 million

Firm uses IoT and data analytics to improve insurability of fish farms

Singaporean-Japanese start-up Umitron nets SG$3.7 million

Insurance News

By Gabriel Olano

Umitron, an aquaculture technology start-up operating in Singapore and Japan, has received a SG$3.7 million investment to fund its data service for aquaculture insurance.

The investment came from the Mirai Creation Fund, a fund operated by independent Asia-based asset manager SPARX Group, the Business Times reported. It follows Umitron’s first enterprise equity finance round in June, led by Innovation Network Corporation of Japan and venture capital firm D4V. This brings the start-up’s total funding to SG$15.2 million.

In June 2017, the firm launched Umigarden, a fish pen management solution which provides “feeding optimisation in aquaculture through fish school analysis”, by using underwater sensors to determine the most efficient use of feed.

Meanwhile, in August, it began a service which uses Internet of Things (IoT) technology and remote satellite sensing to analyse risks associated with ocean environment and fish farm management. These technologies generate data which makes it easier to calculate risk and provide insurance for fish farming operations.

As part of its goal to promote sustainable aquaculture, Umitron is planning to expand to other markets through partnerships with aquatic farms and insurance providers. In 2017, it won the grand prize at the Tech in Asia Tokyo Arena pitching contest, beating out five other candidates.

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