Over the next 18 months, we will be building the end to end product architecture that will support a rapid acceleration of supply and demand onto our platform, predominantly lead by the port auction product and our marketplace platform. However this will also include a number of additional developments, specifically:
1. Fishing activity register
Next 18 months: Monitoring and storing the fishing activity as well as the local environmental conditions (wind, tides, wave height) that correspond with a fishermen’s catch. This will become an integral part of our 100% traceable chain by enabling us to record the profile of every fishing trip, specifically where the have fished, what gear they have used and correlating it with the environmental conditions to support future projections. In the first instance, this will simply be a data registry, using a combination of AIS and iVMS for vessel tracking as well as integrating with weather services such as IBM’s Weather Channel API.
Beyond the 18 months: Alongside a daily growth of information, we will work to increase the data set resolution through the use of RFID kit on fishing gear - enabling us to monitor exactly where and when fishing gear is deployed, the underwater conditions that complement the catch (water temperature, pressure, etc) as well as the record of fish from each haul.
2. Port Auction Product
Next 18 Months: Arguably, the most important development within the next 2 years and the catalyst to Pesky's rapid expansion, nationally and internationally. With our strategy of integration with existing port auction companies, we must developing both the hardware and software product to support all operations in the port - from a fish landing through to a customer ready package. Once successful, we will be able to integrate and absorb the existing supply, demand and data of every boat landing into any port that is part of the Pesky network. To facilitate the development during this period, we will be working alongside the fourth largest port auction companies in England, while fully operating the local £2m port in partnership with them from May 2020.
Beyond 18 months: Once the product is developed, our plan is to fully integrate into the Plymouth auction operations - immediately absorbing the £18m of throughput ahead of expanding into other UK ports in 2022.
3. V1 Catch projection algorithm
Next 18 months: Supported by the Fishing activity register and the cross-port catch record, Pesky will have an unprecedented level of information to draw the first version of a catch projection algorithm - starting first with a binary projection of landing (high/low).
Beyond 18 months: This data set will be used as the foundation of Pesky’s data services, with near infinite applications and value including supply and demand analytics, regional and national quota allocation mechanisms and eventually a seafood derivative market.
4. Customer market platforms and API
Next 18 months: Complemented by the Pesky App for restaurants and fishmongers, we will develop the interfaces for all buyers in the chain to buy directly on Pesky’s marketplace through a web based platform. In addition, and depending on the e-tailer opportunities that become available, we may create a simple API that could offer our live availability to companies such as Farmdrop, Ocado and Amazon Fresh.
Beyond 18 months: To be determined through product testing.
5. Supply system for processing and distribution
Next 18 months: Supported by the port operation product and marketplace platform, we will develop a simple fulfilment system that will allocate availability to specific orders, create 100% traceable packing slips for our port operators, delivery lists to our distribution partners and invoices to our customers.
Beyond 18 months: Increased automation of processes through further development.
6. Payment system
Next 18 months: Alongside the supply system, we will develop the automated invoicing and payment structure for all customers who buy through Pesky’s platform, including an escrow service for buyers who will hold a bond on Pesky’s market.
Beyond 18 months: The same system will be used to support financial services for fishermen, given that their cash flow will be dependent on landing and trading fish on Pesky’s platform.
We have assigned £1m of our round funding to develop these systems while also applying to ESA, Innovate UK and DEFRA for additional support.