Aquaconnect startup case study.
About:
Aquaconnect has earned a seed round of $1.1 million, backed by HATCH, a sustainable aquaculture startup, and Omnivore, an Indian VC company, which AFN will show. Aquaconnect is an AI-enabled framework that incorporates a network of predictive SaaS tools for fishery farm management for aquaculture farmers. The company ties its farmer network to an omnichannel platform, enabling them to make transactions with registration boards, banks, and insurance firms. It also lets them branch out to other areas of the export market, including feed suppliers, hospitals, manufacturers of machinery, hatcheries, processors, and exporters.
Fundings:
The startup had secured angel investment from HATCH before this seed round, after investing in the inaugural cohort of the accelerator in Bergen, Norway. It is Omnivore ‘s second venture, after Eruvaka in 2013, in an aquaculture startup.
Business Plan:
Aqua connected startup connects farmers with education and technology. In which they Aqua Connect is a company that attempts to solve a major challenge within the Indian shrimp industry, namely market access. Most smallholder farmers have limited access to information and capital and Aqua Connect aims to help bridge the access issue by reaching out to them. It also aims to increase the value of the shrimp which they already produce. They provide knowledge to the farmer about the whole process. They made many financial strategies for helping farmers in terms of economics. They also provide smartphone technology in which they connect with farmers through voice calls and messages. Even they also a full-stack aquaculture technology company that provides shrimp culture farmers data-driven farm consultancy applications and market place solutions. With the help of the AI tool assists shrimp farmers to improve farm productivity and thus enhance farm earnings. Due to the production data of the pond level, their prediction system uses the deep learning algorithm to provide context-sensitive suggestions and alerts to improve parameters of water quality, the pattern of feed consumption, and management of health. It thus optimizes the farmer’s farming activities and increases performance, predictability, and efficiency. It helps farmers make correct decisions.
Marketing strategy:
- Strong connection
- Good technology and smart technology used
- Good partnerships
- Strong advertisement
- timely serving
- Knowledgeable data
Challenges:
- Prediction data sometimes became a problem.
- Sharing information to the small farmer with no skill or knowledge.
- Some farmer believes in traditional farming style
- Higher cost
Successive factor:
- Strong connection with the small farmers.
- Strong advertisement
- Productive result
Result*:*
As a result of this startup, it increases the Farmer economy with knowledge. It provides small farmers away towards development and technology. Through using technology, Aquaconnect aids aqua farmers increase their income by forecasting animal diseases and recommending ways to improve the quality of the water. The venture has added value to the lives of over 3,000 farmers across India and Indonesia with the launch of its mobile application, FarmMOJO, and it is also looking to launch across South Asia and Southeast Asia. As of today, the FarmMOJO application has benefited thousands of aqua farmers scattered across 750 farms. Even they are thinking to expand their business all over the area.