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There are an estimated 500,000 aquaculture operations around the world, producing about 74 million tonnes of farmed seafood with a farm-gate sale value of US$160B. A wide range of production systems and techniques are used in aquaculture with the majority of global production of farmed seafood based on relatively unsophisticated production techniques. Limited efforts have been invested in effectively assisting small and medium producers improve their production practices.
Animal feed is by far the largest variable cost in aquaculture. Farms can spend hundreds of thousands to millions of dollars on feed each year. Our models have been able to save farms hundreds of thousands of dollars on feed. Without wide-scale adoption of data-driven decision making, disease, feed costs and limited information on international market prices pose significant challenges and issues to many operations. Most farms either guess or go with their gut. They will be either lucky or wrong.
Other agricultural sectors have experienced greatly improved profitability after adopting data-driven models for production and it is our goal to bring this level of sophistication to the aquaculture industry.
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