Indian AI-powered seafood startup Captain Fresh recently closed a $ 40 million Series B fundraiser that it will use to “build deeper technology interventions and technology integrations.” on the supply and demand network, âaccording to the company’s announcement.
Among these innovations are a real-time trading marketplace, standardization of price and quality using AI, and the application of robotic automation “to move massive volumes with precision,” the announcement.
Tiger Global and Prosus Ventures, the venture capital arm of Dutch internet conglomerate Prosus, led Captain Fresh’s Series B funding round, which also included existing investors Accel India, Ankur Capital, Incubate Fund and Matrix Partners India.
Captain Fresh raised $ 12 million in Series A funding in July, led by Accel India and Matrix Partners India. The company uses digital technology to streamline India’s $ 30 billion seafood industry, and its predictive models help source specific fish days before customers place their orders , allowing next day delivery in some cities.
âFor centuries the fish and seafood industry has remained the same with very little innovation, and we have a unique opportunity to revolutionize the industry using technology,â said Utham Gowda, Founder and CEO from Captain Fresh, in the press release. Globally, demand for fish and seafood is estimated at $ 400 billion and represents one of the fastest growing protein segments with an ever-expanding supply gap, the release said. Press.
Captain Fresh serves 500,000 retailers and fishmongers and 75 million consumer homes.
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Meanwhile, Sudhir Jha, senior vice president and head of Mastercard’s Brighterion unit, told Karen Webster, CEO of PYMNTS, in a recent agenda discussion that AI can strengthen credit management. and risks and expand its value beyond improving day-to-day operations.
Companies that attempt on their own to keep up with rapid changes in data science and analytics can be quickly overwhelmed, he said. The company that starts with regression and model analysis solutions could scale quickly and take advantage of neural networks, Jha told Webster.
Almost nine in 10 (88%) financial institutions surveyed said the pandemic has made lending and lending more difficult. Jha said the pandemic has underscored that businesses need adaptable fraud protection platforms.