AgNext Technologies, an agritech startup, plans to launch operations in the Middle East and Vietnam in the coming months, according to Subrat Panda, AgNext’s Chief Technology Officer.
According to the company, the lack of quality assessment solutions causes approximately $90 billion in losses in global agricultural trade. Agnext solves this problem with a mix of AI, machine learning, the Internet of Things (IoT), and advanced data analysis in its technology products. It claims to deliver real-time accuracy of up to 99 percent through its full-stack ‘Qualix’ platform, which provides rapid food quality assessment.
“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 programme that aims to assist leading AgriTech entrepreneurs from around the world in expanding their businesses 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.
Last year, AgNext Technologies raised $21 million in a Series A round led by Alpha Wave Incubation (AWI), a fund backed by DisruptAD and managed by Falcon Edge. Existing investors Omnivore and Kalaari Capital joined the round as well.