Agri-tech firm CropIn on Wednesday said it has raised USD 20 million (around Rs 145 crore) from investors including ABC World Asia to expand business. CropIn, which is an artificial intelligence and data-led agri-tech organisation, has raised USD 20 million in a Series C funding round led by private equity fund ABC World Asia. Existing investors Chiratae Ventures, Invested Development and Ankur Capital also participated in this funding round. Other new investors in this round include CDC Group and Kris Gopalakrishnan’s family office Pratithi Investment Trust.
“CropIn will use this capital infusion to focus on its global expansion, while continuing to innovate on its machine learning-based predictive analytics platform, SmartRisk to further strengthen its artificial intelligence capabilities,” the statement said. CropIn is also investing to penetrate deeper in its target markets globally. Krishna Kumar, Founder and CEO of CropIn, said: “The robust, predictive power of digitalisation offers tremendous potential for the agriculture industry to leapfrog its many challenges in the coming years.” The industry is capturing more data than ever, on everything from agronomy, weather and logistics to market price volatility, which has helped reduce acute data gaps throughout the value chain, he added.
“In order to improve yields, optimise production and improve resilience and sustainability, agri-businesses are increasingly relying on innovative agri-tech solutions like artificial intelligence, data analytics, and the internet of things,” he said. CropIn’s said its data-driven farming solutions enable agri-enterprises and growers to maximise per-acre value.
