Pitik, a poultry-tech firm located in Indonesia, has acquired an unknown sum of initial capital from Arise and Wavemaker Partners.
MDI Ventures was also a part of the round.
Pitik plans to utilise the funding to further product development and to assist local chicken producers in increasing production yields.
Pitik, which will be available in mid-2021, is a full-stack farm management system for chicken producers. It allows them to collect data from all points along the value chain and use it to improve the efficiency of their operations. This includes anything from IoT technologies that allow for real-time farm monitoring to agricultural algorithms that allow for quick decision-making and increased output.
Pitik provides end-to-end value-added support throughout the production cycle, in addition to technology, by assisting farmers in obtaining high-quality agricultural inputs and selling the chickens at a competitive price.
Pitik co-founder and CEO Arief Witjaksono, stated, “Like the rest of agriculture landscape in Indonesia, poultry farming has seen very little innovation in the past decades. This results in high operational inefficiencies and multiple layers of intermediaries in the value chain. Being able to reduce inefficiencies in the farm with technology is the first crucial step to ensure that Indonesian poultry farmers can produce high-quality chicken and be profitable at the same time.”
Indonesia’s current poultry industry is about $7.4 billion, with a 7% compound annual growth rate (CAGR) from 2015 to 2020. Because Indonesia’s chicken consumption per capita is 5.9 times lower than other Southeast Asia nations, there is significant space for expansion in this market.
Arise is an early-stage venture capital fund founded in collaboration with MDI Ventures, which is supported by Telkom Indonesia, and Finch Capital, which is backed by Bank BCA. It assists next-generation companies in Southeast Asia to scale up and expand their businesses using proprietary technologies. Long-term funding, strategic go-to-market networks, and hands-on company-building expertise are all provided by the fund.
Arise announced the first closure of its US $40 million launch fund in August, with participation from several third-party corporate investors, family offices, and high-net-worth individuals.
