Aquatech startup Umitron secures $9.2M in pre-series B for Nordic, Chile expansion

Umitron Pulse
Image credit: Umitron

Singapore- and Tokyo-based aquatech startup Umitron announced on Tuesday that it has raised 1.22 billion yen (about $9.2 million US) in a pre-series B round from ENEOS Holdings (TSE: 5020), QB Capital, and Toyo Seikan Group Holdings (TSE: 5901). The amount includes debt from Shoko Chukin Bank and other financial institutions. The latest round follows their series A round (raising 1.22 billion yen or $9.2 million US) back in 2018, and brought the funding sum to date up to 2.44 billion yen ($18.4 million US).

Since its launch back in April of 2016, Umitron has developed several solutions for aquaculture farming such as Umitron Remora (AI-powered software that can be installed in existing facilities at large-scale aquaculture farms), Umitron Eagle (AI-powered real-time analysis for shrimp farming) as well as Umitron Pulse (web-based ocean satellite data service). The company announced in February that it has partnered with Eneos Holdings, one of the investors participating in this round, to launch joint research on technology applications in blue carbon businesses.

Upon this funding, in addition to strengthening the business foundation of its existing and new services and cooperation with the investors, Umitron intends to accelerate its global business expansion for salmon and shrimp farming industries. The company has teams in Singapore and Japan, and plans to set up more local subsidiaries and business development teams in the major salmon farming markets such as Nordic countries and Chile, as well as in Southeast Asia, a major shrimp farming market.