Total amount raised
$33.1 Millions
Latest funding date
06/01/2024
Location
AgNext has successfully raised funds through multiple rounds, with notable investments from The Hashgraph Group and Novo Holdings. The company focuses on digitizing food quality assessment using AI-based technologies.
Keep reading to explore the intricacies of AgNext's fundraising journey and the investors backing this innovative platform.
What Is AgNext?
AgNext, founded in 2016 by Taranjeet Singh Bhamra, is an AgTech company based in Mohali, Punjab, India. The company operates at the intersection of hardware, software, and analytics to digitize food quality assessment using AI-based technologies.
With an employee count ranging from 101 to 250, AgNext offers a comprehensive SaaS platform for instant and automated food quality analysis. The company aims to improve transparency, safety, and trust within the agriculture value chain, providing rapid, accurate quality assessments for agribusinesses.
How Much Funding Has AgNext Raised?
- Seed Round
- Amount Raised: $2.1M
- Date: April 2018
- Lead Investors: Kalaari Capital, Omnivore
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop AI-based solutions for food quality assessment and expand the company's technological capabilities.
- Series A Round
- Amount Raised: $2M
- Date: January 2019
- Lead Investors: Kalaari Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the company's AI-based quality assessment technologies.
- Series A Round
- Amount Raised: $21M
- Date: August 2021
- Lead Investors: Alpha Wave Incubation
- Valuation at Round: Estimated between $50-54M
- Motivation Behind the Round: To expand into new commodities, strengthen presence in India, and enter international markets including the Middle East, Europe, and South Asia.
- Grant
- Amount Raised: -
- Date: December 2022
- Lead Investors: The Hashgraph Association
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support research and development initiatives.
- Venture Round
- Amount Raised: $8M
- Date: June 2024
- Lead Investors: Novo Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop AI-based technologies and expand market reach.
Total Amount Raised: $33.1M. Current Valuation: Not publicly disclosed.
Key Investors
- Novo Holdings
- Details: Novo Holdings is a leading international life sciences investor with a focus on creating long-term value. It is wholly owned by the Novo Nordisk Foundation.
- Investment Focus Areas: Life sciences, healthcare, agritech.
- Notable Investments: Novo Nordisk, Chr. Hansen, Xellia Pharmaceuticals.
- The Hashgraph Association
- Details: The Hashgraph Association supports the development and adoption of the Hedera Hashgraph platform, focusing on distributed ledger technology.
- Investment Focus Areas: Distributed ledger technology, blockchain, decentralized applications.
- Notable Investments: Hedera Hashgraph.
- Alpha Wave Incubation
- Details: Alpha Wave Incubation (AWI) is a venture capital fund managed by Falcon Edge Capital, focusing on early-stage technology startups.
- Investment Focus Areas: Technology startups, AI, machine learning, software.
- Notable Investments: Zomato, PolicyBazaar.
- Kalaari Capital
- Details: Kalaari Capital is an early-stage venture capital firm based in India, investing in technology-oriented companies.
- Investment Focus Areas: Early-stage technology startups, e-commerce, fintech, healthcare, agritech.
- Notable Investments: Dream11, CureFit, Urban Ladder.
- Omnivore
- Details: Omnivore is a venture capital firm that invests in startups revolutionizing agriculture and food systems in India.
- Investment Focus Areas: Agritech startups, food systems, agriculture.
- Notable Investments: DeHaat, Stellapps, BharatAgri.
What's Next for AgNext?
AgNext is poised for significant growth as it expands into international markets like the Middle East, Europe, and South Asia. The company plans to establish a new office in Abu Dhabi, enhancing its global footprint. With the global agricultural trade facing over $90 billion in losses due to inadequate quality assessment solutions, AgNext's AI-based technologies offer a substantial market opportunity.
Future fundraising seems promising, given the successful Series A round and ambitious expansion plans. The company may seek additional funding to support its growth and technological advancements. However, challenges such as competition from other agritech firms and navigating diverse regulatory environments in new markets could pose hurdles.
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