Six million dollars have been raised by AquaExchange, an IoT solutions provider to aquaculture farmers, in a Series A funding round headed by Ocean 14 Capital. Participating in the round were Endiya Partners and Accion Venture Labs, two current investors.
According to a press release from AquaExchange, the money will be used to expand the company’s full-stack business model adoption, which includes farm automation, crop financing, and harvest procurement.
The startup intends to concentrate its efforts on exporting devices to a select number of foreign markets.
AquaExchange, a company based in Vijayawada, assists farmers who raise aquaculture by using technology to boost crop yields, reduce crop risks, and fight rising input costs. Devices for feed automation (AquaBot) and power management (PowerMon) are among its product offerings.
In June 2022, AquaExchange, under the direction of Pavan Kosaraju, secured $3 million from Endiya Partners, Accion Venture Lab, and additional investors in a pre-Series A round.
In order to expand its portfolio by 20 to 25 businesses in three years, Ocean 14 Capital raised more than $21 million from Convex Group Limited in August of last year.
