Agri-tech startup AgNext Technologies on Thursday announced it had raised $21 million that will help it expand to international markets, particularly the Middle East, Europe, and South Asia.
The funds, raised in its Series A round led by Alpha Wave Incubation (AWI) fund, which is backed by DisruptAD and managed by Falcon Edge, will be utilized for scaling its full-stack platform for AI-enabled trade to solve for trust and transparency in global food value chains, the company said in a statement.
“The deep-tech enabled value created by AgNext for our partners has been instrumental in driving our growth story. Today, we are ready to scale our operations globally and delighted to partner with Alpha Wave Incubation (AWI), to accelerate our R&D initiatives and build a robust international presence,” said Taranjeet Singh Bhamra, Founder and CEO of AgNext.
Existing investors Omnivore and Kalaari Capital also participated in the round.
In this round, AgNext has also delivered a 5X exit to a-IDEA NAARM, India’s first agribusiness incubator, managed by the National Academy of Agricultural Research Management (NAARM).
AgNext solves the quality analysis problem through its proprietary, in-house technology products.
Through a mix of AI, ML, Internet of Things (IoT), and advanced data analysis, AgNext provides rapid food quality assessment through its full-stack ‘Qualix’ platform.
By delivering real-time accuracy of up to 99 percent, AgNext helps to bring trust, speed, and transparency to the agriculture value chain.
“With its unique deep-tech solutions, AgNext is poised to transform the agri value chain at a global scale. We were very impressed by the depth of technological innovation shown by the company in building its AI platform,” said Anirudh Singh, Managing Director at Alpha Wave Incubation (AWI) fund.
AgNext has collected over 2 million food samples over the last 4 years across multiple categories, creating unique and massive AI datasets.
With a 100 percent pilot to paid customer conversion, the company has top-tier clients such as ITC, Godrej, and NAFED, among others.