Impact venture fund, Omnivore, has invested an undisclosed amount in Chandigarh-based agritech startup AgNext through its second fund Omnivore partners India Fund 2. The deal also saw participation from Singapore-based high-net-worth individual Samir Kumar as well as a few angel investors from Singapore and India.
AgNext co-founder Taranjeet Singh Bhamra confirmed the development in a recent conversation with Inc42. “We aim to utilise the recent Series A round of funding for expanding our product in the data analytics in agriculture space by creating a combination of both hardware and software. We further aim to open two international offices in Singapore and Canada in the next six months from now and will further emphasise on strengthening our R&D base at IIT Kharagpur and Kolkata,” he added.
AgNext currently has its offices at IIT Kharagpur, Kolkata, NCR and Bengaluru. Subhadeep Sanyal, Principal at Omnivore, will join AgNext’s board.
Jinesh Shah, Founding Partner at Omnivore, also noted, “AgNext’s comprehensive technology solutions will help multiple stakeholders in the AgriFood domain – including growers, supply chain participants, and food processing companies – to improve the transparency, quality, and overall profitability of their operations.”
AgNext: An Agritech Startup Focussed On Precision Agriculture
Chandigarh-based AgNext was cofounded by IIT Kharagpur alumni Taranjeet, Mrigank Sharad and Deepak Jaiswal in 2016. All the founders are agriculture graduates and have spent considerable time with agri-focussed companies globally.
AgNext is a digital agriculture company providing a platform for analytics-as-a-service using agriculture imagery and IoT devices. It is currently focussed on horticulture, floriculture and plantation crops. The startup collects spatial, temporal and spectral data to provide sensing solutions across the agriculture and food value chain. The firm has developed an integrated digital platform through which growers and food processors can improve their productivity, quality and profitability.