Integrated fish service provider Qian Hu Corp has entered into a $1 million unsecured convertible loan agreement with AquaEasy, a unit of the Bosch Group.
AquaEasy offers Artificial Intelligence (AI) and Internet of Things (IoT)-based solutions targeted towards shrimp farmers to help increase productivity, profitability and implement sustainable aquaculture practices.
Earlier this year, AquaEasy secured funding from EDB New Ventures, the corporate venture building arm of the Singapore Economic Development Board (EDB).
Since 2020, AquaEasy has been collaborating with Qian Hu on the shrimp farming system at its farm in Choa Chu Kang.
“We are excited to be partnering with AquaEasy for the long haul. As with AquaEasy, Qian Hu too believes in innovative solutions that would transform our enterprise and industry. Through this investment, we are putting our money where our mouth is,” says Yap Kok Cheng, CEO of Qian Hu.
“Since 2017, Aquaculture has been a growing core business of our Group. By using our HYDROPURE and nanobubble technologies, we developed a recirculated aquaculture system for super intensive shrimp farming which achieves higher output compared to traditional shrimp farming methods. With AquaEasy, our Aquaculture processes can achieve higher productivity and profitability with its revolutionary intelligent feeding systems using IoT technology,” Yap adds.
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AquaEasy plans to use the proceeds from this unsecured convertible loan agreement for capital expenditure and other operating expenses.
Qian Hu and AquaEasy also intend to look for opportunities to use AquaEasy’s AI solutions and services within the aquaculture industry and collaborate in the development of AI solutions in new market areas.
This includes R&D efforts to expand AquaEasy’s solutions into other aquatic species, integrating solutions into Qian Hu’s aquaculture systems, and developing a platform to digitalise the aquaculture supply chain.
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As at 2.02pm, shares in Qian Hu are trading flat at 20 cents.
Photo: Albert Chua/The Edge Singapore
