AgNext eyes expansion in Vietnam and the Middle East

Chennai: Agnext Chief Technology Officer Subrata Panda told ET that agritech startup Agnext Technologies is looking to start operations in the Middle East and Vietnam, which is in line with its goals following the capital infusion last year.

The company said the lack of quality assessment solutions results in a loss of about $90 billion in agricultural trade globally. Agnext addresses this issue through its technology products using a mix of AI, ML, Internet of Things (IoT), and advanced data analysis. It provides rapid food quality assessment through its full-stack ‘Qualix’ platform and claims to provide real-time accuracy of up to 99%.

“Through our Vietnam Graft Challenge, we are now working together to launch our activities in the field of quality in Vietnam,” Panda said. “And we plan to set up our offices in the Middle East very soon. And a lot will depend on how we grow. We are cautious and then we want to expand rapidly.”

GRAFT is a landing pad program designed to help take leading agritech entrepreneurs from around the world to Vietnam and beyond.

In India, the company said that its platform is live in around 1500 locations, of which around 1000 are with the 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.

AgNext is digitizing food quality assessment across the agricultural value chain through its AI-powered SaaS platform to use deep technology to standardize food quality inspections and bring transparency.

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“In the short term, we are working on building advanced sensors in our lab, collecting more data based on sensors and building advanced AI models that can deliver quality instantly when used anywhere – Whether it is on the farm, in the field, or any warehouse, a buyer or processor. This not only improves agricultural production but also helps address many persistent issues across certain value chains.”

Agnext Technologies raised a total of $21 million in Series A funding last year led by the Alpha Wave Incubation (AWI) Fund, backed by Disrupted and managed by Falcon Edge. Existing investors Omnivore and Kalaari Capital also participated in the round.

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Originally published at Pen 18