AgNext Technologies, an Agritech startup, preparing to launch operations in the Middle East and Vietnam
Last year, AgNext Technologies secured $21 million in a Series A investment headed by Alpha Wave Incubation (AWI), a fund sponsored by DisruptAD and administered by Falcon Edge. Existing investors Omnivore and Kalaari Capital joined the round as well.
With the assistance of GRAFT, a landing pad program that aims to assist premier AgriTech entrepreneurs from across the world is now planning to launch operations in the Middle East and Vietnam, as per Subrat Panda, AgNext’s Chief Technology Officer, who spoke to ET.
According to the firm, the lack of quality evaluation solutions causes around $90 billion in losses in worldwide agricultural commerce. Agnext handles this problem through a blend of AI, machine learning, the Internet of Things (IoT), and advanced data analysis in its technology products. It claims to give real-time accuracy of up to 99 percent with its full-stack ‘Qualix’ technology, which provides quick food quality testing.
The company claims that its platform is live in around 1500 sites in India, with about 1000 of those being with the National Agricultural Cooperative Marketing Federation of India (NAFED). AgNext’s AI-driven SaaS platform is digitizing food quality assessment in the agro value chain in order to standardize food quality inspections and bring in transparency.
In the short term, they are planning to work in their labs to further develop and improve sensors, in order to gather extensive data on these sensors and build enhancive AI models which will provide efficient quality – on the field, a farm, or any warehouse, procurer, or processor. This will also aid in the resolution of a number of long-standing challenges in particular value chains.
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