WHEN Agricx Lab RAISED $500K FUNDING
Agricx Lab, an agritech Maharashtra based start-up which with the help of smartphone imaging, assesses the quality of agricultural produce. Agricx Lab, with the investment of India-focussed VC fund Ankur Capital has managed to raise its Seed funding to the tune of $500K. The company’s this round of funding has also seen participation from Incubation and Entrepreneurship (CIIE) as well as IIM Ahmedabad’s Centre for Innovation.
The company plans to use the newly acquired funds for the expansion of the company as well as for the development of its products.
The main investing group Ankur Capitals’s Founder Ritu Verma, speaking on the investment they made in Agricx Lab, said, “They [Agricx team] are seasoned professionals and passionate entrepreneurs, backed by a history of consistent delivery on business objectives in their previous roles. What the founders along with the team have demonstrated over such a short span is hugely impressive, and we’re excited to be working together to create a truly world-class enterprise.”
Agrix Lab is an online B2B marketplace that was founded by Ritesh Dhoot and Saurabh Kumar. It provides a platform where traders and farmers can sell their produce to B2B buyers. The company’s mobile app, with the help of Artificial Intelligence and Computer Vision on images assesses the yield quantity of the agri-procedure.
The CEO and founder of StartupLanes, Shishir Gupta says, “The investment in the home based online B2B marketplace, Agrix Lab will lead to improvement of the app and along with the expansion, will take Agrix Lab to further heights. The dedicated people working in Agrix Lab will be able to make use of such investment to its fullest.”
The improvement of agri-produce that will be brought by the Agrix Lab funding, will enrich the food quality of the products and will ensure better health of the people.