Agritech startup Intello raises $3 million in Series B funding

• ByStartupStory     |    December 12, 2022

The start up company Intello labs had raised $3M in series B round led by Saama capital. Intello labs is an agricultural technology and artificial intelligence company which works for developing image matching and machine learning systems to measure crop quality.

Saama Capital is a venture capital firm in Bangalore that was founded in 2012 that seeks to invest at the beginning stage of startups based in India. Avaana Capital, Omnivore, Nexus Ventures, and AgFunder were the others that competed with Intello in series B. Saama Capital developed this Series B round with Rs 7.74 crore. Avaana Capital, Omnivore, Nexus Ventures, and Tokyo-based AgFunder showed up with Rs 3.88 crore each in the same.

The major aim behind the fundraising is to meet working capital and long-term funding requirements for the business. As a part of this Intello labs is going to issue 1,961 compulsory convertible preference shares (CCPS) for Rs 118,509 per share to raise Rs 23.24 crore or $2.82 million, according to the regulatory with the Registrar of Companies (RoC).

The Intello labs is a Gurugram based firm that started in 2016 and its services ranges fro complete automation in supply chain management of fresh fruits, vegetables, spices, and nuts.The CEO Milan Sharma, CFO Himani Shah and CTO Nishant Mishra, President J Dan Sun and Global marketing head Saurabh Job etc are the major leaders of the company. This is the first funding round for the company in 2022.

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