Indian AI Seafood Market Startup Raises $40 Million
Captain Fresh, a seafood marketplace startup powered by artificial intelligence (AI) and based in India, recently completed a series B funding round. The startup managed to raise a whopping $40 billion and according to the company’s announcement, the funds will be used for building tech interventions as well as deeper tech integrations throughout the demand and supply network. These innovations that the company plans on making include a real-time trading marketplace, quality and pricing standardization using artificial intelligence (AI) as well as the use of robotic automation for moving massive volumes in an accurate and precise manner.
The Series B funding round for Capital Fresh was led by the venture capital arm of Proses, the Dutch internet conglomerate, named Prosus Ventures and Tiger Global. The funding round also included some of the company’s existing investors, such as Ankur Capital, Matrix Partners India, Incubate Fund, and Accel India. Back in July, Capital Fresh had had its Series A funding round in which the startup had managed to raise a capital of $12 million. Matrix Partners India and Accel India were the leaders in this particular funding round. The company makes use of digital technology for streamlining the seafood industry in India worth $30 billion.
Moreover, the startup’s predictive models are helpful in sourcing supplies of particular fish days before orders are placed by customers, which comes in handy in ensuring overnight deliveries in some cities. The chief executive officer and founder of Captain Fresh, Utham Gowda, said that the seafood and fish industry has operated in the same way for years without any such innovation. The CEO said that they now have the unique opportunity of revolutionizing the sector by using technology.
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The executive said in a press release that the demand for seafood and fish globally is estimated to be around $400 billion. This makes it one of the rapidly growing protein segments that are faced with a never-ending supply gap. Currently, Captain Fresh is providing its services to more than 75 million consumer households and about 500,000 fishmongers and retailers.
Elsewhere, AI is also being used for benefitting the farming sector in India. An AI algorithm has been developed for helping farmers in detecting where insects and pests will land in a field. This algorithm checks the direction of the wind to do so, which can help farmers in optimizing where they are planting their crops. Microsoft’s Srivathsa states that a lot of guesswork that had previously been involved in agriculture is now being eliminated by AI because it has enabled data-driven farming.
She said that with the use of low-cost sensors and machine learning algorithms, the AI and data provide farmers with a real-time view of moisture and soil conditions, which helps them in lowering costs and increasing productivity. Likewise, Google is also working on a number of climate-related efforts, such as flood forecasting, weather alerts, and air quality in India that will be able to provide important and timely information. It launched machine-learning-based flood forecasting back in 2018 and is now expanding it to provide detailed and accurate charts.
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