In a recent announcement, CropIn, a leading AI and data-led agri-tech company raised $20 million in a Series C funding. This round of funding is led by ABC World Asia, Singapore-based private equity firm. With this, the startup has so far raised a total amount of US$33.1 million.
In 2018, the company had raised $8 million in Series B funding which was led by Chiratae Ventures (formerly IDG Ventures) and the Bill and Melinda Gates Foundation Strategic Investment Fund.
Founded by Krishna Kumar, Bengaluru-headquartered CropIn provides data-driven farming solutions — SmartFarm and SmartRisk to help agri-businesses maximise the per-acre value and to make every farm traceable.
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CropIn uses cutting-edge technologies such as big data analytics, artificial intelligence, machine learning, and remote sensing to create an interconnected network of agricultural stakeholders at different levels. It enables clients to analyse and interpret data to derive real-time actionable insights on standing crop. In a nutshell, CropIn adds value to agri-businesses by increasing efficiency, scaling productivity, and strengthening sustainability across the board.
“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,” said Krishna Kumar, Founder and CEO of CropIn.
While the earlier funding amount was aimed at expanding its network to seven million farmers, with its recent amount, it aims to focus on global expansion while continuing to strengthen its AI capabilities. The company had recently set up an office in Amsterdam and with the funding amount, aims to hire local leaders to drive growth in the European market. According to the company’s official statement, Sugandhi Matta, Managing Director of ABC World Asia, will also join CropIn as a board member.
“CropIn’s digital solutions will enable farmers to utilise real-time data for better decision-making and improved farm productivity. This investment underscores our support of such smart and sustainable agri-tech solutions that can build resilience in agriculture,” said David Heng, Founder and CEO of ABC World Asia
CropIn has so far digitised over 13 million acres of farmland and enriched the lives of nearly 4 million farmers. It collects data on over 388 crops across 52 countries to help agri-enterprises take corrective measures on time.