Singapore shrimp aquaculture start-up receives funding from Bosch
Global technology conglomerate Bosch has invested in shrimp aquaculture innovator AquaEasy in Singapore, following the launch of an initiative to develop start-ups in the region.
AquaEasy uses sensors, software, and services to provide data analysis supported by artificial intelligence to the shrimp sector. With its support, shrimp farmers in Indonesia, Vietnam, and Singapore have been able to “increase yield, predictability, and implement sustainable aquaculture practices, while reducing risks and costs," the company said in a press release.
Bosch has engaged with the start-up since 2018, providing support for it in various areas including market development, business strategies, recruitment, networks, and partnerships.
“Through corporate venturing, Bosch has been able to expand into new domains such as aquaculture in an agile way. Our joint investment into AquaEasy reflects the strong market potential in Asia where the majority of global shrimp production takes place. As a corporate venture, AquaEasy leverages Bosch’s deep sensor and AI expertise for its competitive edge, and is well-positioned to tap into this market from Singapore,” EDB New Ventures and Innovation Vice President Choo Heng Tong said.
AquaEasy is the first start-up that has received funding from Bosch and EDB New Ventures, an in-house innovation operated by Singapore’s Economic Development Board, a government agency under Singapore’s Ministry of Trade and Industry.
On 28 July, EDB New Ventures launched a start-up incubation network called grow Singapore. The incubator hub aims to leverage Singapore’s position as an innovation center in the region.
“With grow Singapore, Bosch now has a ‘venture engine’ here to create high-growth new businesses and we are excited that AquaEasy is the first of many ventures to come," Tong said.
EDB New Ventures hopes to launch least five new businesses in Singapore by 2023 in order to create new growth opportunities for Bosch in Asia.
Photo courtesy of AquaEasy