The lack of quality assessment solutions leads to approximately $90 billion in losses globally in agricultural trade, the company said. Agnext solves this issue through its technology products using 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 and claims to deliver real-time accuracy of up to 99%.
“Through our Vietnam GRAFT challenge, we are now working closely to start our activities in Vietnam in the quality space,” Panda said. “And we plan to set up our offices in the Middle East very soon. And that will depend a lot on how we’re growing. We’re being cautious and then we want to expand fast.”
GRAFT is a landing pad program designed to help leading AgriTech entrepreneurs from around the world scale up into Vietnam, and beyond.
In India, the company said its platform is live across about 1500 locations of which around 1000 are with National Agricultural Cooperative Marketing Federation of India (NAFED). The company is looking to further enhance its technology capabilities to further enhance the quality of its assessment.
AgNext is digitizing food quality assessment in the agri value chain through its AI-driven SaaS platform in a bid to use deep tech to standardise food quality inspections and bring in transparency.
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“In the short term, we’re working on building advanced sensors in our lab, collecting more data depending on the sensors and building advanced AI models which can give quality instantly wherever it is used – be it on the field, a farm, or any warehouse, a procurer or processor. It not only improves agricultural output but also helps in addressing a lot of persistent issues in some of the value chains.”
AgNext Technologies raised a total of $21 million in Series A funding last year in a round led by Alpha Wave Incubation (AWI) fund, which is backed by DisruptAD and managed by Falcon Edge. Existing investors Omnivore and Kalaari Capital also participated in the round.
