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eFishery

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Overview

eFishery is an innovative aquaculture technology startup founded in 2013, headquartered in Indonesia. Recognized as the first Aquaculture Technology startup in Asia, eFishery has revolutionized the industry with its data-driven solutions.

Mission and Objectives

eFishery's core mission is to transform the aquaculture industry by providing cutting-edge, data-driven solutions. The company aims to empower fish and shrimp farmers with smart feeding technology and data analytics, helping them increase efficiency, reduce waste, and boost profits. This aligns with their broader goal of combating world hunger by harnessing the potential of aquaculture.

Technology and Solutions

eFishery has developed several key technologies:

  1. IoT-based Smart Feeding Machine: Uses sensors to determine fish hunger and dispense optimal feed amounts, reducing feeding costs which typically account for 60-90% of total production costs.
  2. Cloud-Based Dashboard and Data Platform: Allows farmers to manage feeding in real-time via smartphones and control the system remotely. The collected data is aggregated, stored, and analyzed in the cloud.
  3. End-to-End Platform: Offers access to feed, financing, and market opportunities for fish and shrimp farmers, creating a comprehensive aquaculture ecosystem.

Impact

eFishery has made significant strides in the aquaculture industry:

  • User Base: Worked with over 23,000 fish and shrimp ponds across Indonesia, with more than 13,000 farmers as paid users.
  • Profit Increase: Farmers using eFishery's solutions have seen an average profit increase of over 20%.
  • Market Position: Currently the largest feed distributor and fish supplier in Indonesia, despite not operating any ponds directly.

Core Values

eFishery is guided by several core values:

  • Sustainability: Promoting sustainable aquaculture practices
  • Innovation: Encouraging creativity and new solutions
  • Collaboration: Fostering a diverse and collaborative environment
  • Customer Focus: Commitment to exceptional service
  • Continuous Improvement: Constantly enhancing products and services

Recent Developments

eFishery has recently raised $415 million in funding, although it has faced challenges, including the suspension of its co-founders amid a financial investigation. The company has launched a sustainability and impact report, highlighting its commitment to responsible aquaculture practices. Additionally, eFishery has partnered with other companies to enhance financial inclusion and literacy among fish farmers.

Leadership Team

eFishery's leadership structure has undergone significant changes due to an ongoing investigation into alleged embezzlement. Here's an overview of the previous and current leadership:

Previous Leadership

  • Gibran Huzaifah: Co-founder and former CEO, who led eFishery to achieve unicorn status. Currently suspended due to the investigation.
  • Chrisna Aditya: Co-founder and former Chief Product Officer, who has also stepped down due to the investigation.

Current Interim Leadership

  • Adhy Wibisono: Appointed as interim CEO. Previously served as Chief Financial Officer (CFO) at eFishery and held leadership positions at NWP Property and GoPay.
  • Albertus Sasmitra: Appointed as interim CFO. He is a director at Northstar Group, one of eFishery's key investors.

Other Key Figures

  • Muhammad Ihsan Akhirulsyah: Listed as one of the founders of eFishery, though his current role is not specified in recent updates.
  • Gavin Lee: Serves on the board of directors at eFishery. He leads the investment team at Wavemaker Partners and has been involved in several investments in Southeast Asia, including eFishery. The ongoing investigation and leadership changes highlight the challenges faced by rapidly growing startups and underscore the importance of maintaining strong corporate governance practices.

History

eFishery's journey from a small startup to a globally recognized unicorn is a testament to innovation, perseverance, and understanding customer needs in the aquaculture industry.

Founding and Early Days

Founded in 2013 by Gibran Huzaifah, then a college student at Institut Teknologi Bandung, eFishery was born from Huzaifah's experience breeding fish to support his studies. A lecture highlighting the increasing demand for fish and aquaculture's potential in the food sector sparked the idea for eFishery.

Initial Product and Challenges

In 2014, eFishery launched its first product: an IoT device for automatic fish feeding. Initial adoption was slow, taking 97 days to acquire the first customer and nine months for the first 10. Farmers were skeptical of digital devices, and investors hesitated to back the aquaculture sector.

Growth and Innovation

Despite early challenges, eFishery expanded its offerings to include:

  • An online platform for remote fish farm management
  • eFisheryFeed: A feed marketplace
  • Services for financing feed purchases and selling harvested fish These solutions significantly reduced fish farming costs and improved water pollution issues. By 2018, eFishery turned a profit, and by 2022, it reached an annual revenue of approximately $263 million.

Funding and Valuation

In 2023, eFishery raised $200 million in a Series D funding round, led by the 42X Fund and other investors. This funding brought eFishery's valuation to over $1 billion, making it the first unicorn startup in the aquaculture industry and Southeast Asia's first agritech unicorn.

Impact and Expansion

eFishery now works with over 70,000 small-scale fish and shrimp farmers across 280 districts in Indonesia. The company has expanded its services to include financing, feed distribution, and direct sales of fish and shrimp to end buyers. eFishery has also started pilot projects in Bangladesh, Thailand, Vietnam, and India, with plans for further international expansion and a potential U.S. public listing.

Vision and Mission

Gibran Huzaifah's vision for eFishery extends beyond revolutionizing the aquaculture industry through technology. The company aims to address poverty and inequality by providing affordable solutions to farmers. eFishery emphasizes a 'win-win' approach, focusing on partnerships with feed producers and finance companies to ensure farmers' independence and improved livelihoods.

Products & Solutions

eFishery, an Indonesia-based aquaculture technology company, offers innovative solutions to enhance efficiency, sustainability, and profitability in fish and shrimp farming:

  1. Smart Feeding Technology (eFeeder): IoT-driven automated feeding device using motion sensors for fish and acoustics for shrimp. Optimizes feeding times and amounts, reducing waste and improving feed conversion ratios.
  2. Data-Driven Insights: eFeeder generates farm-level productivity data accessible via mobile, including feeding schedules, recommendations, and records.
  3. Feed Marketplace (eFisheryFeed): Bulk pre-ordering of feed from manufacturers, offering competitive prices to farmers (currently 5% below market rates, aiming for 10%).
  4. Market Access and Financing: Connects farmers to local and global markets for better pricing. Offers financing for up to 80% of production costs, taking a commission from sales.
  5. Sustainable Practices: Promotes eco-friendly aquaculture by optimizing inputs, reducing contamination, and improving water quality.
  6. Branded Shrimp Product and Export Platform: Launched branded shrimp and export infrastructure, including to the US market.
  7. Additional Services: Plans to expand into early disease detection, treatment options, and access to additional inputs. eFishery's comprehensive ecosystem approach aims to revolutionize aquaculture by addressing key challenges and opportunities throughout the value chain.

Core Technology

eFishery's innovative solutions leverage advanced technologies to optimize fish and shrimp farming operations:

  1. Internet of Things (IoT): Utilizes sensors and controllers to collect real-time data on water quality, feeding patterns, and fish behavior. Often solar-powered for farms without electricity.
  2. Artificial Intelligence (AI): Employs algorithms to predict fish growth rates, optimize feed formulations, and automate feeding schedules, improving health and reducing costs.
  3. Data Analytics: Analyzes data from IoT devices to provide farmers with insights and recommendations for optimizing feeding schedules and quantities.
  4. Smart Feeding Devices: Equipped with sensors and software to monitor and adjust feeding patterns in real-time, maintaining optimal levels and improving water quality.
  5. Cloud Computing: Enables remote access and management of feeding systems, allowing farmers to quickly respond to changes or issues.
  6. Automated Feeding Systems: Adjust feed rations based on real-time sensor data, minimizing manual effort and risks of over or underfeeding. By integrating these technologies, eFishery offers a comprehensive solution that enhances efficiency, productivity, and sustainability in aquaculture operations. The synergy between IoT, AI, and data analytics creates a powerful platform for precision farming in the aquaculture sector.

Industry Peers

eFishery, a leader in integrated feeding solutions for fish and shrimp farming, faces competition from several key players in the ag-tech industry:

  1. Aquaconnect: Provides digital solutions including feed management systems, water quality monitoring tools, and predictive analytics software.
  2. XpertSea: Offers smart feeding systems and data analytics platforms for optimizing feeding schedules and monitoring growth rates.
  3. Skretting: A global aquafeed producer offering feeds for various species and providing feeding solutions and services.
  4. IntelliAqua: Specializes in aquaculture automation and monitoring systems, including feeding controllers, sensors, and software applications.
  5. Tepbac: Mentioned as a competitor, though specific offerings are not detailed in the sources.
  6. Eruvaka: Known for aquaculture automation and monitoring solutions.
  7. Avanti Feeds: Involved in aquafeed production and related services.
  8. CageEye: Develops IoT technology for monitoring and improving feeding processes in salmon farming. These competitors offer similar products and services aimed at improving efficiency and productivity in aquaculture operations. The competitive landscape highlights the growing importance of technology-driven solutions in modernizing and optimizing fish and shrimp farming practices. As the industry evolves, companies that can offer comprehensive, integrated solutions while adapting to specific regional needs are likely to gain a competitive edge.

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