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CropIn Technology gets Rs 58 crore in Series-B Round
Nov. 21, 2018
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IndiaAgriculture startup CropIn Technology Solutions has raised Rs 58 crore ($8 million) in series-B funding from Chiratae Ventures, formerly known as IDG Ventures India, and the Bill & Melinda Gates Foundation. The money will be used to scale up CropIn’s technology platform in India and expand globally.
The company plans to develop its machine learning technology for farming solutions such as archiving patterns and predicting yields. The startup had raised $4 million in its series A, led by Beenext and Ankur Capital in 2016. With the fresh funding, CropIn has raised $12 million so far.
The Bengaluru-based startup enables businesses in the agriculture ecosystem to adopt a data-driven approach through its platform. Its almost 200 customers include global agribusinesses, banks, government bodies and development agencies “We are currently active in 29 countries throughout Asia, Africa, Latin America and in select European markets. As ground-truth information from these geographies continues to fill our data lake, it provides insights that create a paradigm shift in the agriculture ecosystem globally,” CropIn founder Krishna Kumar said in a statement.
The company allows business-to-businessto-farmer plot-level farm management. CropIn then builds on this data to enhance traceability and monitoring. The data is combined with local weather information and high-resolution satellite imagery, which form the foundation of machine learning. CropIn is essentially building an agri-information base that will help detect patterns and predict the future of crops, highlighting the risk and opportunity for agri-stakeholders.
Source: The Economic Times
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