AI seafood market startup Captain Fresh raises USD 40M in Series B
In a Series B fundraising round, Captain Fresh, the Indian artificial intelligence-powered seafood marketplace startup recently closed a USD 40 million that it will use to “build tech interventions and deeper tech integrations across the supply and demand-side network”.
“To move massive volumes with precision” using AI and the application of robotic automation, among those innovations are a real-time trading marketplace, pricing and quality standardization.
The round was led by Tiger Global and Prosus Ventures and also included existing investors Ankur Capital, Matrix Partners India, Accel India and Incubate Fund.
Led by Accel India and Matrix Partners India, Capital Fresh raised USD 12 million in Series A funding in July. Enabling overnight delivery in some cities, the company uses digital technology to streamline India’s USD 30 billion seafood industry and its predictive models help source supplies of specific fish days before customers place their orders.
“For centuries, the fish and seafood industry has stayed the same with very little innovation, and we have a unique opportunity to revolutionise the sector utilising technology,” Utham Gowda, founder and CEO of Captain Fresh, said.
With an ever-expanding supply gap, globally, fish and seafood represents one of the fastest-growing protein segments and the demand is estimated to be USD 400 billion.
Sudhir Jha, senior vice president and head of Mastercard’s Brighterion unit, said that AI can strengthen credit and risk management and broaden its value beyond improving day-to-day operations.
Enterprises that try to keep up with the rapid changes in data science and analysis on their own can be quickly overwhelmed, he said. The enterprise that starts with regression and pattern analysis solutions might scale rapidly and find benefit from neural networks, Jha said. He said that the pandemic has underlined that firms need adaptable fraud protection platforms.
“To move massive volumes with precision” using AI and the application of robotic automation, among those innovations are a real-time trading marketplace, pricing and quality standardization.
The round was led by Tiger Global and Prosus Ventures and also included existing investors Ankur Capital, Matrix Partners India, Accel India and Incubate Fund.
Led by Accel India and Matrix Partners India, Capital Fresh raised USD 12 million in Series A funding in July. Enabling overnight delivery in some cities, the company uses digital technology to streamline India’s USD 30 billion seafood industry and its predictive models help source supplies of specific fish days before customers place their orders.
“For centuries, the fish and seafood industry has stayed the same with very little innovation, and we have a unique opportunity to revolutionise the sector utilising technology,” Utham Gowda, founder and CEO of Captain Fresh, said.
With an ever-expanding supply gap, globally, fish and seafood represents one of the fastest-growing protein segments and the demand is estimated to be USD 400 billion.
Sudhir Jha, senior vice president and head of Mastercard’s Brighterion unit, said that AI can strengthen credit and risk management and broaden its value beyond improving day-to-day operations.
Enterprises that try to keep up with the rapid changes in data science and analysis on their own can be quickly overwhelmed, he said. The enterprise that starts with regression and pattern analysis solutions might scale rapidly and find benefit from neural networks, Jha said. He said that the pandemic has underlined that firms need adaptable fraud protection platforms.
