We advised Koinvesticinis fondas on investing in Cogastro – a Lithuanian startup which has developed the world’s first computer programme for insect farm monitoring and management. Koinvesticinis fondas together with three business angels invested EUR 100,000 in the startup.
Although the Cogastro application was officially launched only in March, it is already being used by insect breeders in Australia, Israel, Belgium, Sweden and Nigeria. The company plans to invest the funds received in product development and attracting new customers.
Programme enables insect growers to manage and analyse data more efficiently
A computer programme developed by Mantė Šidlauskaitė and Artūras Bartkevič allows insect growers to monitor, manage and make decisions based on data analysis, thus increasing the productivity of insect farms. IT programmes of this kind are used by traditional livestock farms, but insect breeders have so far had no such option.
Although it is still expensive to extract protein from insects, the founder of Cogastro hopes that the technology they have developed will help ensure that in the future the price of an insect’s raw material is more competitive than that of soy or meat.