An Indian startup named AgNext Technologies has got a funding of $21 million in Series A funding led by Alpha Wave Incubation Fund. This fund is supported by venture capital company Disrupt AD and managed by Falcon Age Capital. Companies like Omnivore and Kaalari Capital have also participated in the funding process. AgNext has mentioned that this funding has resulted in the exit of a-IDEA, which had initially invested in the company in 2017. a-IDEA is managed by the National Academy of Agricultural Research Management, and this company received five times the initial investment it had made in the startup.
AgNext was founded in the year 2016. This company deals with deep-tech solutions for monitoring and managing food quality. The company’s primary focus is to resolve quality issues in the post-harvest agricultural value chain. The sizeable artificial intelligence dataset of the company is based on 2 million food samples that the company has collected.
Some of the company’s top clients include Godrej, National Agricultural Cooperative, ITC, and the Marketing Federation of India. The recent funds raised by the company will be used for expanding its business in India, for investments in new products, and for expanding the company’s presence in countries like South Asia, Europe, and the Middle East.
Along with this, the company is also focusing on improving its tech platform Qualix. Qualix uses the Internet of Things, Artificial Intelligence and Machine Learning to assess food quality.