DELOS, an aquaculture-tech startup based in Indonesia, has successfully completed its Series A funding round, led by venture capital firm Monk's Hill Ventures.
The total funding level has not been officially confirmed by the company, but is thought to stand at $5.75 million, according to data from Singapore's Accounting and Regulatory Authority published in Deal Street Asia.
The company currently produces and distributes thousands of tons of shrimp annually, and aims to integrate the Indonesian supply into the lucrative global seafood market.
The company, which describes itself on LinkedIn as "a science-driven aqua-tech company seeking to disrupt the traditional and fragmented aquaculture industry in Indonesia, with eyes on South Asia as a whole," was founded in 2021 by a team of four: CEO Guntur Mallarangeng, CFO Aris Noerhadi, CSO Alexander Farthing, and COO Bobby (Indra) Gunawan.
The startup hopes to tap into the US $2.5 billion Indonesian aquaculture industry, announcing its intention to "revolutionise and modernise" the industry "for seamless integration into the global seafood supply chain."
"Indonesia's natural advantage as the world's biggest tropical maritime country gives it all the puzzle pieces it needs to be the world's biggest seafood producer. Improving our aquaculture industry's adoption of best-in-class technologies and practices would help us realise its true potential," said Mallarangeng in a press statement.
"This investment will accelerate the development of our technologies to support farmers across Indonesia and south-east Asia with a focus on farming consistency, reduced cost of production, profitability and of course sharing our delicious shrimp with the rest of the world," Farthing said in a LinkedIn post announcing the funding.
The company also said it intended to make further investments in R&D focused on reducing production costs through improved disease monitoring, water quality management, feed conversion ratios, and yield optimisation. To make its ambition of global integration possible, DELOS is also working on ensuring the traceability and sustainability of its supply chain, the company also said.
DELOS is the latest in a series of highly successful aquaculture startups operating out of Indonesia and focusing on the shrimp industry, including the first aquaculture "unicorn", eFishery.
