Baltimore startup Minnowtech has raised over $1 million for the commercial product launch of its shrimp counting device, which is planned for April 22, co-founder Ken Malone said.
Minnowtech will launch its shrimp biomass counter, the BRS-1, through a paid trial, with Minnowtech providing six months of free biomass readings and support to select partners. The company also offers partners a discount on the device, which resembles a small fire hydrant. After placing the device in the water, farmers are able to get statistics on the biomass of their shrimp. Minnowtech claims to allow farmers to determine the total count and biomass of their shrimp with 95% accuracy.
The data collected by Minnowtech could help farmers determine how much feed to give their shrimp or help them see if a disease is impacting their ponds, since farmers would be able to notice a sudden population decrease.
The company chose to launch the product through a trial so that farmers who have not changed how they raise the ubiquitous seafood in years can try out the new product without having to invest in the full price of the equipment, Malone explained.
“It’s a brand new product for an industry that has historically not seen much technology,” said Malone, who is also a managing director at startup studio Early Charm Ventures.
Minnowtech is part of Early Charm's portfolio, and raised the $1 million in new capital over the past 12 months. Malone declined to disclose any of the company’s backers.
The majority of Minnowtech’s sales and marketing efforts will be in Southeast Asia, with a smaller focus on Central and Latin America. Minnowtech previously received $1.2 million from the National Science Foundation.
CEO and co-founder Suzan Shahrestani first came up with the idea of using technology to count marine life while pursuing a Ph.D. at the University of Maryland Center for Environmental Science, where she used sonar to count jellyfish in the Chesapeake Bay. Later, after entering the Ratcliffe Environmental Entrepreneur Fellowship in Annapolis, Shahrestani met Malone, who had been talking to German investors about aquaculture technology.
Shahrestani founded the company along with Malone and Early Charm Ventures managing director Kelli Booth.
Minnowtech’s website lists 11 team members. The company has offices in Hawaii and Baltimore.
