In a recent development, Vijayawada-based AquaExchange, a leading IoT solutions provider catering to aquaculture farmers, has successfully raised $6 million in a Series A funding round. The funding was spearheaded by Ocean 14 Capital, with participation from existing investors Endiya Partners and Accion Venture Labs.
AquaExchange plans to utilize the raised capital to propel the widespread adoption of its comprehensive business model, encompassing farm automation, crop financing, and harvest procurement. The company aims to expand its reach further in international markets, specifically focusing on exporting its innovative devices.
The startup’s primary objective is to empower aquaculture farmers with cutting-edge technology, enabling them to optimize crop yields, manage crop-related risks effectively, and counter the challenges posed by escalating input costs. AquaExchange’s diverse product portfolio includes the PowerMon for power management and AquaBot for feed automation.
Pavan Kosaraju, the driving force behind AquaExchange, secured $3 million in a pre-Series A round from key investors, including Endiya Partners and Accion Venture Lab, in June 2022. This Series A funding marks a significant milestone for the company, providing the financial impetus to continue its mission of revolutionizing the aquaculture industry through technological innovation.
Ocean 14 Capital’s leadership in this funding round aligns with their strategic goals of fostering growth in their portfolio. In August of the previous year, Ocean 14 Capital secured a substantial investment of over $21 million from Convex Group Limited, earmarked for expanding its portfolio by supporting 20 to 25 businesses within three years. This latest investment in AquaExchange underscores the investor’s commitment to identifying and nurturing promising ventures in the technology and aquaculture sectors.
