The funding will enable CropIn to focus on global expansion while continuing to innovate on machine learning-based predictive analytics
CropIn, an Indian agri-tech that uses artificial intelligence (AI), has secured $20m in Series C funding round led by ABC World Asia.
Existing investors who participated in the funding round include Chiratae Ventures, Invested Development and Ankur Capital. New investors who invested in CropIn included CDC Group and Kris Gopalakrishnan’s family office Pratithi Investment Trust.
CropIn is a developer of AI-driven SaaS and data solutions to ag-enterprises, enabling them to adopt a data-driven approach through its ground-to-cloud technology solutions.
The capital infusion will support CropIn to focus on global expansion while continuing to innovate on machine learning-based predictive analytics platform, SmartRisk to further strengthen its artificial intelligence capabilities.
CropIn founder and CEO Krishna Kumar 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.
“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. We, at CropIn, are excited to advance the ‘AI-Culture’ for Agriculture.”
CropIn has developed a suite of platforms including SmartFarm and SmartRisk that enable stakeholders to adopt and drive a digital strategy across their crop value-chains and operations.
The SmartFarm platform enables agri-enterprises to adhere to food safety standards to ensure farm-to-fork traceability. It also supports growers to adopt sustainable farming practices to build long term economic viability and resiliency for local farming communities.
The SmartRisk platform helps in improving underwriting and risk assessment, supporting banks, insurance providers and other financial institutions to make informed underwriting decisions.
The platform can analyse and interpret farm-centric data from more than 388 crops with nearly 9,500 variants across trillions of data points. The platform claims to offer high prediction accuracy at a plot-level.
Till now, the AI-driven agtech claims to have partnered with several global players in the agriculture across 52 countries, to bring digital and sustainability goals.
ABC World Asia managing director Sugandhi Matta will also join CropIn as a board member.