SINGAPORE - Singapore-based aquatech start-up Umitron said on Tuesday (Sept 11) that it has raised $3.7 million in funding from the Mirai Creation Fund, a fund operated by independent Asia-based asset manager SPARX Group on Sept 6.
The latest funding comes in addition to the closing of Umitron's first enterprise equity finance round announced on June 8, and brings the total amount raised to $15.2 million.
The start-up in June 2017 released Umigarden, a product which provides "feeding optimisation in aquaculture through fish school analysis".
Umitron has started demonstrating, since August 2018, a service to provide reliable data for aquaculture insurance. The service utilises Internet of Things technology and satellite remote sensing to evaluate and mitigate risks associated with ocean environment and farm operations.
Operating in Singapore and Japan, Umitron is also aiming to expand its business to other markets, through partnerships with enterprise aquafarms and insurance providers for sustainable aquaculture.