Agritech market is gaining importance in the business world and even government displayed more focus on the development of this market in the union budget 2018. The recent development in this market is that an agri-tech startup Agricx Lab has secured Rs.3.2 crore ($500,000) funding led by Ankur Capital. IIM Ahmedabad based incubator CIIE also took part in the funding round.
Ritu Verma, managing partner at Ankur Capital commented, Globally, there is a need to understand the quality of food that we eat. Much of global production comes from geographies with low penetration of organised players, use of many different seed varieties and farming practices and a multi-point value chain.
She added, Objectively determining quality at all points becomes all the more important. Technology that is easy to use can be deployed at all points of the chain provides a critical transparency in food chains that today is hard to determine. Agricx has the potential to disrupt this market.
In 2016, the Thane-based startup was founded by Ritesh Dhoot and Saurabh Kumar. The startup has its own mobile application which uses artificial intelligence and computer vision on images for better quality assessment of agri-produce. The startups plan to use the raised funding to expand its crop range and quality parameters to deliver improved services for food produce quantification.
Kumar said, The funding will help us drive product development and expansion by hiring top talent. We intend to expand the commodity portfolio along with the capability to assess other internal quality parameters.