Angel Round
$200K target
17% equity
$1M pre-money
Ocean resources have a vast potential to unlock growth and wealth, but human activity has taken a toll on ocean health, over-exploitation of marine resources is jeopardizing the natural ability of marine fauna to replenish. FAO estimates that approximately 57 percent of fish stocks are fully exploited and another 30 percent are over-exploited, depleted or recovering.

A significant reason for the over-exploitation of the marine resources is thanks to the subsidies Governments give to the fishing industry. Back in the days when oceans where capable of giving more than what was being taken off, Governments decided to incentivize the industry by giving grants in fuel, boat construction and tax benefits. Watching the actual situation, critics argue that they prop up an otherwise unprofitable industry which is still aggravating the critical situation at higher unsustainable rates.

Another aspect involving the subsidies is related to transparency. While most grantees use it for legitim...
Ocean resources have a vast potential to unlock growth and wealth, but human activity has taken a toll on ocean health, over-exploitation of marine resources is jeopardizing the natural ability of marine fauna to replenish. FAO estimates that approximately 57 percent of fish stocks are fully exploited and another 30 percent are over-exploited, depleted or recovering.

A significant reason for the over-exploitation of the marine resources is thanks to the subsidies Governments give to the fishing industry. Back in the days when oceans where capable of giving more than what was being taken off, Governments decided to incentivize the industry by giving grants in fuel, boat construction and tax benefits. Watching the actual situation, critics argue that they prop up an otherwise unprofitable industry which is still aggravating the critical situation at higher unsustainable rates.

Another aspect involving the subsidies is related to transparency. While most grantees use it for legitimate fishing, some of the subsidized fuel has been used for drug trafficking, shark-finning and fishing illegally in the protected waters. Some grantees simply sell the fuel to others.

Regarding regulation FAO has been leading to establish international standards to develop catch documentation schemes (CDS) with the aim to keep “illegally caught fish off store shelves and consumers' plates”. Ending a five-year negotiation effort, a world standard CDS is about to be adopted unanimously by all FAO members at the UN agency's upcoming bi-annual governing conference in Rome on 3-8 July 2017.

Our company is developing REMORA a cost-efficient hardware device plus a software platform that ensures traceability of fishing boats activity in a reliable manner. REMORA uses redundancy of data collection, in other words, we use different electronic methods and communication protocols to gather data on where the boats are fishing.

Remora will not only have a beneficial impact in the environment by assuring the protection of marine protected areas, it will also safe money to Governments through the efficient use of subsidies. Some professionals in the field estimate that around 10% of the fuel granted is resold.

The software platform will give reliable data on where are the boats are fishing, plus the amount of fuel that they are burning and the certification of the catch to be taken to the next actor in the supply chain in accordance to CDS through the use of blockchain architecture.
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Alejandra Pacheco

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