Singapore Aquaculture Technologies
(SAT) Pte Ltd, a pioneer in utilizing closed containment systems for fish
farming, announced today the finalization of a Series A financing round
totaling S$9.2 million.
The main part of this equity
investment comes from Siemens Financial Services (SFS) via Siemens Project
Ventures GmbH - the financing arm of global technology company, Siemens AG. As SAT’s
first institutional shareholder, the investment from SFS accounts for a
significant minority stake in the company.
Founders Dirk Eichelberger and Michael
Voigtmann view Siemens’ entry as a validation of their strategy to become the
leading supplier of data- and artificial intelligence (AI)-driven aquaculture
solutions, in addition to producing premium fish products under their BluCurrent
“We are absolutely thrilled that
Siemens, which started off as our technology partner, is now also invested in
us as our first institutional investor,” commented CEO Dirk Eichelberger.
“Siemens is deeply committed to
sustainability and this is reflected in both our investment and technologies,”
said Steffen Grosse, CEO of Equity Finance at Siemens Financial Services. “By
investing in SAT, we hope to further
support sustainable food production
and help Singapore to achieve its “30 by 30” goal of 30%
local food production by 2030.”
SAT launched its first Smart Floating
Fish Farm in February 2020. Unlike traditional fish farms, the solution is
scalable and is equipped with a Recirculating Aquaculture System (RAS) – a
closed system that creates a controlled environment through a multi-level water
treatment process. In addition, the farm integrates a high degree of
automation, an efficient solar energy management solution, self-regulated
control cycles and artificial intelligence within a Farm Management Information
System to achieve a productive, scalable and environmentally friendly operation.
Siemens Digital Industries implemented
an end-to-end digital solution for the smart farm, which included totally
integrated automation with smart sensors and connectivity to the IoT operating system MindSphere. A dedicated application helps to
monitor operations and
process data across a secure network.
During the farm’s launch in February
2020, SAT and Siemens had signed a Memorandum of Understanding (MoU) for
enhanced collaboration in commercializing and scaling Aquaculture 4.0
technologies in ASEAN and beyond. The two partners will now take the next steps
to this enhanced collaboration with two additional smart farms in Singapore,
slated to be ready by September 2021. These additions will increase SAT’s fish
production capacity to over 1000 tons per year.
In parallel with the investment by SFS, Siemens has also signed a Strategic Collaboration Agreement with SAT, to partner with SAT in its future growth plans in Singapore and globally, which could include further enhancements to the technology solutions.