Qian Hu Corp. will provide a S$1 million unsecured 5 percent convertible loan to AquaEasy, an aquaculture unit of Bosch Group using artificial intelligence (AI), the Singapore-listed fish breeder said in a filing to SGX Monday.
AquaEasy uses AI, the Internet of Thing (IoT) and data analysis to help shrimp farmers boost productivity and implement sustainable aquaculture practices, while reducing costs; earlier this year, EDB New Ventures, the venture building arm of Singapore’s Economic Development Board (EDB), provided funding to AquaEasy, the filing said.
AquaEasy is expected to use the convertible loan proceeds for capital expenditure and other operating expenses, the filing said.
Qian Hu and AquaEasy have been collaborating since 2020 to build a sustainable shrimp farming system at its farm in Choa Chu Kang, using real-time data analysis on water quality, feeding optimization and harvest predictions, as well as Qian Hu’s proprietary Hydropure filtration system to boost water quality, the filing said.
Yap Kok Cheng, Qian Hu’s CEO, noted aquaculture has been a core business since 2017.
“We developed a recirculated aquaculture system for super intensive shrimp farming which achieves higher output compared to traditional shrimp farming methods,” Yap said in the statement. “With AquaEasy, our aquaculture processes can achieve higher productivity and profitability with its revolutionary intelligent feeding systems.”
AquaEasy has also deployed its AI technology at shrimp farms in Indonesia and Vietnam, the statement said.
Ivan Tay, AquaEasy’s head of AI, said his company’s technology improves traceability and sustainability, as well as productivity and profitability, adding that Qian Hu has a complementary portfolio.
The two companies have entered a five-year memorandum of understanding (MOU) for collaboration.
Qian Hu and AquaEasy will look at collaborating on research and development, particularly for other aquatic species, such as fish, including the ornamental category, and aquaponics, the filing said.
Other areas of collaboration could include marketing AquaEasy’s systems to Qian Hu’s customers globally, and developing a platform to digitize the aquaculture supply chain for traceability, the filing said.