Deep Tech Start-up Agnext Raises $21 Mn In Series A Funding

SUMMARY

NAARM managed a-IDEA has exited AgNext with 5x returns

With the fresh capital, AgNext aims to expand to international markets, particularly Middle East, Europe, and South Asia

AgNext will use the funds to scale its full-stack platform for AI-enabled and to enter new commodities market

Agritech startup AgNext Technologies has raised a total of $21 Mn in Series A funding round led by DisruptAD backed and Falcon Edge managed, Alpha Wave Incubation (AWI) fund. Existing investors Omnivore and Kalaari Capital also participated in the Series A round. The startup is the Australia-based incubator AWI’s first investment in India’s agritech sector.

In this round, the startup claims to have delivered a 5x exit to the National Academy of Agricultural Research Management (NAARM) managed a-IDEA.

Founded in 2016 by Taranjeet Singh Bhamra, AgNext provides deep-tech-enabled food quality assessment, monitoring, and management solutions. Through a mix of AI, ML, Internet of Things (IoT), and advanced data analysis, it provides rapid food quality assessment through its full-stack ‘Qualix’ platform.

With this new capital infusion, the startup aims to enter newer commodities, strengthen its pan-India presence, and expand to international markets, such as the Middle East, Europe, and South Asia. It will also be used to develop its tech platform, Qualix, to enable quality-driven trade transactions across the food value chains.

Additionally, the company plans to establish a new office in Abu Dhabi for deeper penetration into the targeted markets by diversifying its commodities portfolio and accelerating innovation to make food trade better, fairer, and more secure in the new geographies.

According to an Inc42 report, between 2014 and 2020, India’s agritech platforms have seen investments of over $467 Mn. Besides AgNext, agritech startups like Krishify, DeHaat, BharatAgri, BigHaat, Gramophone and others have also paved their way into farm advisory and input management via various models.

AgNext, however, claims to be the only player with a physical as well as chemical analysis solution applicable across a wide basket of commodities, including grains, spices, tea, milk, and animal feed. It posits to have collected over 2 Mn food samples in the last four years across various categories, creating massive AI datasets.

It has initiated the commercialisation of its products earlier this year. The startup boasts of top-tier clients such as ITC, Godrej, NAFED, among others and claims to have a 100% pilot to paid customers conversion rate.

Bhamra said, “In the era of agriculture 4.0, the demand for better market linkages and secure food trade is driving deeper penetration of technology in agricultural ecosystems. Our 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 build a robust international presence.”