Vijaywada-based AquaExchange secures $6M Series A funding led by Ocean 14 Capital
AquaExchange will use the funds to scale the adoption of its full-stack farm automation, crop financing, and harvest procurement systems.
Aquaculture technology startuphas raised $6 million in Series A funding led by Ocean 14 Capital with participation from existing investors including Endiya Partners and Accion Venture Labs.
AquaExchange will use the capital to scale the adoption of its full-stack farm automation, crop financing and harvest procurement systems. The company will also expand to international markets for device exports.
“We plan to refine and scale our unique reinforcement framework, wherein farmers are immediately incentivised for sustainable practices through reduced input costs and higher offtake prices, emphasising our commitment to sustainable practices in the industry," Pavan Kosaraju, Founder of Aqua Exchange said.
"With this funding round, we aim to equip many more aquaculture farmers with the right technology to reduce costs and increase productivity while enabling global protein sustainability,” Kosaraju added.
Headquartered in Vijayawada, AquaExchange uses technology to enhance aquaculture yields, mitigate crop risks, and assist farmers in tackling rising input costs through features such as power management, feed automation, and aeration control via a smartphone app. The company's automation devices also improve crop visibility for lenders.
"We are really impressed and excited by the speed of growth of AquaExchange. In a short period of time the company managed to deploy technology across a significant part of the Indian aquaculture landscape, both helping to deliver the data, insights and control that can help stabilise customers production while also developing an end-to-end solution providing access to inputs, offtake and finance,” Piers Lakin, Senior Associate of Ocean 14 Capital, said.
AquaExchange earlier raised $3 million in a pre-Series A round of funding from Endiya Partners and Accion Venture Lab, with participation from returning investors.
"Their devices have been deployed across thousands of acres in India and have also seen traction in international markets. We're thrilled to back AquaExchange's progress, and the team which is driven by the passion to enable competitive, profitable and sustainable aquaculture," Dr Ramesh Byrapaneni, Managing Director of Endiya Partners said.
Edited by Affirunisa Kankudti