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11th CavinKare-MMA ChinniKrishnan Innovation Awards 2022
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CKIA-MMA/2021/20/1626519194434
17 Jul 2021
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Your innovation in brief
Aquaconnect is a full-stack technology venture that helps fish and shrimp farmers improve their productivity up to 15% and predict diseases using predictive AI & satellite technologies. Further, it leverages farm data intelligence to connect farmers directly with farm inputs producers, banks, insurers, and seafood buyers.
Describe about your innovation
Indian aquaculture provides livelihood opportunity to 5 million people. Despite being second largest producer, prevalent of traditional farming and lack of farm data capturing led to poor productivity and wider diseases. 1 out of 4 farmers are losing out their profit margins, incurring huge loss. Also, the lack of farm-level data creates poor transparency, preventing banks and insurers to provide loans and insurance to fish and shrimp farmers. Absence of formal credit forces them to depend on informal lenders at high interest (up to 40%) to purchase key inputs at critical junctures in the aquaculture cycle. We endeavor to unleash the data potential that sleeps in pond ledgers. Our Aquaconnect app is an AI-powered mobile farm advisor that helps farmers to get guidance from stocking to harvest. It captures production data and our predictive model uses deep learning algorithms to provide context-sensitive suggestions and alerts to improve farm productivity up to 15% by optimizing water quality, feed consumption patterns, and even predict diseases. We further use satellite remote sensing to supplement the ground data to connect farmers directly with value chain players. Combining ‘eyes in the sky’ (secondary data from satellite remote sensing) and ‘boots on the ground’ (pond-level data), our AquaCRED platform connects farmers with banks and insurers to access low-interest formal credits and insurance. The AI-powered platform help banks and insurers to evaluate risk scores & creditworthiness, monitor portfolio performance to extend services. Also, we connect farmers directly with seafood buyers with traceability to realize the best value for their produce. Our full-stack approach help farmers to improve productivity and access loans, insurance & seafood buyers increase their profit margins (up 10%) and reduce losses. On the other side, it brings efficiency across the Indian aquaculture value chain and accelerates India's ongoing blue revolution 2.0.
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