Venture Capital: Indian Agtech Agnext Lands $21M Series ‘A’

August 25, 2021 | News, Venture Capital
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AgNext has developed an integrated platform that can undertake objective portable quality assessments, analysing food in 30 secs, instant and on-Edge.

Agnext, a deep-tech, Indian agtech startup has raised $21 million to advance its solutions for food quality assessment, monitoring, and management. It was the largest ever Series A round for an Indian agtech and led by Alpha Wave Incubation (AWI) fund. Existing investors including Omnivore and Kalaari Capital also participated. (FnBnews.com)

The funding also enabled IDEA NAARM, India’s first agribusiness incubator, to exit AgNext with a 5X return on its investment.

How AgNext works

AgNext uses a combination of AI, ML, Internet of Things (IoT), and advanced data analysis, to provide rapid food quality assessment through its full-stack ‘Qualix’ platform in real time and with 99% accuracy. According to the company, global losses due to inefficient quality assessment in the agricultural trade top $90 billion.

The company has created a comprehensive database of over 2 million food samples over the last 4 years across multiple categories. It now covers quality assessments for a large number of commodities including grains, spices, tea, milk, and animal feed.

“As first movers in the agricultural deep-tech space, we have established market leadership in India through our novel AI-based technologies that assure quality-based food trade across value chains,” said Taranjeet Singh Bhamra, founder and CEO, AgNext.

After going commercial with its offerings earlier this year, AgNext has top notch clients on its roster including ITC, Godrej, and NAFED.

“The quality of clients and traction shown by the company on its commercialization journey is a strong validation of the company’s technology product suite,” said Anirudh Singh, managing director, Alpha Wave Incubation (AWI) fund.

Use of funds

AgNext plans to use the latest funding to cover new commodities, expand its presence across India, and move into international markets, including the establishment of an office in Abu Dhabi.

The company also intends to further develop its Qualix tech platform.

Related Story:  Canada’s Conexus Raises $45M For Agtech Startups

Image Credit: Agnext                                                

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