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Apr, 30 2018

Dutch aquafeed firm Nutreco Buys 25% stake in agri-tech startup Eruvaka

Eruvaka develops connected devices and mobile-based decision tools to help aquaculture farmers reduce risk and increase productivity.

Eruvaka, an Internet of Things-based agri-tech startup, has raised an undisclosed amount from Dutch animal nutrition and aqua feed firm Nutreco and existing investor Omnivore in a Series B investment round.

Nutreco led the investment, picking up 25% stake in Eruvaka and forging a commercial partnership to help scale it globally, the Vijayawada-based startup said in a statement.

Nutreco’s chief innovation officer Viggo Halseth will join the board of Eruvaka.

Eruvaka had earlier received an undisclosed amount in Series A funding from early-stage venture capital firm Omnivore (earlier Omnivore Partners), widening the gap between the two consecutive funding rounds  where the Series B round has come nearly five years later

Eruvaka develops connected devices and mobile-based decision tools to help aquaculture farmers reduce risk and increase productivity. The startup was founded in 2012 by Sreeram Raavi, an electronics engineer with a background in semiconductors.

The company’s products allow farmers to monitor pond parameters and remotely control automated equipment. It says these products, which involve the use of cloud analytics and integrated sensors, significantly reduce farming risk while increasing feed efficiency, shrimp growth, and farm profitability.

As part of the deal, Nutreco’s aquaculture division, Skretting, will work directly with Eruvaka to implement its precision farming technology, initially in Latin America.

According to the company, the technology will be incorporated into AquaSim, Skretting’s suite of customised performance tools, to allow local shrimp farmers to remotely ensure accurate dosages of the right feed when their stock requires it, thereby avoiding over- or under-feeding.

“Eruvaka’s products perfectly complement our shrimp feed business and will help us further build scale across Latin America and Asia,” said Nutreco chief executive officer Knut Nesse.

Nutreco operates with 12,000 employees across 32 countries with net sales of 5.9 billion euros in 2016. Its two global company brands Skretting (aqua feed) and Trouw Nutrition (animal nutrition) sell products in more than 90 countries.

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