Raise Funding from Arise, Pitik Develops Technology in Poultry Cultivation Sector
In the midst of the growing landscape of the agriculture and aquaculture sector in Indonesia, poultry farming is one area that has not experienced much innovation in terms of technology. This exposes high operational inefficiencies as well as multiple layers of intermediaries in the value chain.
Seeking to solve these problems, Pitik develops technological solutions to increase the productivity and efficiency of farm operations focused on poultry farming.
The company managed to secure an undisclosed initial stage funding from Arise, funds under management from MDI Ventures and Finch Capital; and Wavemaker Partners.
It is planned that the fresh funds will be used to accelerate product development, supply chain integration, and expand the area of operations to reach more farmers.
Pitik Co-founder & CEO Arief Witjaksono said, “Being able to reduce inefficiency in livestock with technology is an important first step to ensure that Indonesian poultry farmers can produce high quality and profitable chickens at the same time.”
Provide A Full-Stack Management System
Commencing operations in mid-2021, Pitik provides a full-stack farm management system to enable data transparency across the value chain to improve productivity and operating efficiency of poultry farmers.
The company’s main mission is to promote and prosper chicken farmers in Indonesia. Pitikoffers three technology solutions on its platform.
First, Farm IoT (Internet of Things), a connected sensor and IoT device installed throughout the enclosure to automatically unify the state of the enclosure and send updated information to applications in real-time.
Furthermore, Pitik Farm Algorithm is supported by Artificial Intelligence to optimize production performance, detect potential issues in the cage, and provide recommendations for improving the efficiency of the cage.
Finally, Pitik Digital Assistance has several features, such as an early warning system to detect problems and provide recommendations for performance improvements based on algorithms, a smart dashboard to monitor cage conditions, and automated task management to more easily manage cages and chicken growth programs.
“Our technology is designed to be easy to implement and use by every poultry farmer in Indonesia, regardless of farm size or their infrastructure,” added Co-founder & COO PitikRymax Johana.
Packing technology with a transparent business model in the procurement of agricultural inputs and sales of chicken, the company wants to ensure Indonesian farmers can reap more profits and have an impact on improving their welfare.
In addition to technology, the company also helps farmers to get a better supply of sapronak(livestock production facilities) at competitive prices, provides access to capital, and provides sales support so that in the end the Indonesian people can consume chicken meat with better quality and lower prices. affordable.
Funding In the Cultivation Sector
Investors’ interest in the cultivation sector is getting higher, this is evidenced by the number of technology solution developers in this sector who have received funding. One of them is eFishery which is engaged in fish and shrimp cultivation.
The solutions developed are increasingly diverse, ranging from management systems, capital, to online grocery. In addition, there is also JALA Tech, a startup developer of aquaculture technology equipment that recently announced its latest funding.
For solutions that target poultry farmers, there are not many players who focus on working on this segment. One of the startups with a similar target market to Pitik is Chickin, a service that offers innovative technology tools that can help streamline the cage management system.
Both aspire to make it easier for farmers to carry out poultry farming in an optimal, productive, and efficient way. Meanwhile, the poultry market in Indonesia has now reached $7.4 billion with a CAGR of 7% during 2015 – 2020.
This market has huge growth opportunities as Indonesia’s per capita chicken consumption is 5.9x lower than other Southeast Asian countries, this creates a lot of room for growth.
In addition, technological disruption is increasingly needed given the level of productivity of poultry farming in Indonesia, which shows a 7.3x higher mortality rate and a 1.4x higher feed conversion ratio (FCR) compared to industry benchmarks.