CultYvate, an agritech platform by Farms2Fork Technologies Pvt Ltd, has raised Rs4.5 crores in a pre-Series A funding round from Sirius One Capital Fund, Sunicon, The Chennai Angels, LV Angel Fund, and Prodapt Technology Holding.
The startup plans to use the funds to refine the technology to make services more accessible, affordable, and simple. It will also be used for talent acquisition for the development of AI, ML, and Remote Sensing. The startup aims to expand its geographical presence in the states of Punjab, Haryana, and Maharashtra.
Equirus Capital Private Limited and Edelweiss Financial Services Limited are the lead managers of this capital round.
Bengaluru-based CultYvate was founded in 2016 by Mallesh T M, it is an Agri-tech company that provides farming solutions built on artificial intelligence and the internet of things.
“We are committed to making a social and environmental impact through our brand. Presently, our farmers growing paddy are saving up to 80 lakh litres of water/ Hectare, every crop season, as well as, earning a 10 percent incremental profit. Our mission is to save 1 trillion litres of water over the next five years. Additionally, we envisage reducing the cost of ownership for farmers, whilst amping up their profitability up to 20% by focusing on water-guzzling crops such as Paddy, Cotton, and Sugarcane”, said, Mallesh TM, Founder of CultYvate.
CultYvate said in the press statement that the startup is also ready to build solutions on monetization opportunities that can reduce the cost of ownership for farmers.
“We are confident that the founding teams’ passion and the groundwork to build the platform will provide global solutions not only for the benefit of the farmers and the environment but also for the consumption ecosystem as a whole, since it affects the quality of produce we all consume”, said, Saloni Jain, Partner of Sunicon.
In the last 24 months, it has added around 1250 farmers and 500 farmers have been able to export. The company claims that it has saved 90 crore liters of water and 72,000 kWh of electricity so far.