Indonesian aquaculture company EFishery has acquired Indonesian AI-driven Internet of Things business DycodeX. The secret terms of the purchase will allow it to forward its AI ambitions, which include launching the eFishery.ai brand.
The unicorn’s product division’s artificial intelligence of things (AIoT) and cultivation intelligence team will welcome the DycodeX team. Vice president and co-founder of DycodeX, Andri Yadi, will serve as team leader.
With the new team, it intends to introduce ten new products over the course of a two- to three-year roadmap. They will manifest as generative AI products, IoT platforms, and other intelligence solutions for aquaculture. At the moment, it offers only one AI-powered device, dubbed eFeeder, which lets its customers turn on automatic feeding for shrimp and fish farming. A B2B fish trade platform and a feed marketplace are examples of further items.
“Andri Yadi and his team can strengthen and accelerate the implementation of AI and IoT in its ecosystem,†eFishery CEO Gibran Huzaifah said in a statement. The company went on to say that it anticipates a 3–4 times faster product development cycle with Yadi and his team.
The DycodeX acquisition is offered while eFishery is expanding. The business raised $200 million in series D fundraising last year and expanded into India, its first international market, increasing its valuation to US$1.4 billion. It claimed to have 200,000 fish producers as clients as of January 2024.
eFishery creates breakthroughs for the aquaculture industry. By providing an end-to-end platform that gives fish and shrimp farmers access to feed, funding, and markets, eFishery upends conventional fish farming techniques and offers innovative solutions in the aquaculture ecosystem. The goal is to create an aquaculture ecosystem in Indonesia that benefits farmers, consumers, and other stakeholders by being sustainable and lucrative.
In 2023, eFishery managed to secure Series D funding worth USD200 million (around 3 trillion Rupiah). This funding will be used to accelerate the company’s target of developing the cultivator community in Indonesia and increasing transactions in eFishery. This series D funding round was led by 42XFund (a global investment management company based in Abu Dhabi) supported by Association Wang Association (Established) (Malaysia’s largest pension fund company), responsiveAbility (Swiss-based asset management company), 500Globals (a multistage venture capital firm), as well as several other emerging investors. Early eFishery investors like Northstar, Temasek, And Softbank also participated in this funding round. Besides that, there is also Goldman Sachs exclusively acting as funding advisor. This latest investment shows that investors have confidence in their integrated Aquaculture ecosystem eFishery.
Based on the latest research from the Demographic Institute, Faculty of Economics and Business, University of Indonesia (LD FEB UI), eFishery has contributed IDR 3.4 trillion or the equivalent of 1.55% to the GDP of the Indonesian aquaculture sector throughout 2022. The integrated ecosystem of eFishery which cover marketplace And platforms sales of fish products, shrimp products, and services to access finance have supported more than 70,000 cultivators and farmers throughout Indonesia. funding to increase transactions for fish feed and fresh Aquaculture products in platforms.
