Mumbai based Agritech firm, GreenSat Innovation Labs has raised undisclosed amount in funding round from Mumbai Angels.
The funding round also saw participation from some US-based venture capitals.
The startup plans to use the funds to scale operations to new geographies, enhance technical infrastructure, build high-performing teams across tasks, and focus on other business development activities.
The Mumbai-based GreenSat Innovation Labs was founded in 2020 by Deepak Yadav & Krishna Ghosh, It uses satellite imagery and precision AI tools such as neural network algorithms to integrate its Earth observation data for optimal use of natural resources and its support systems.
With the introduction of new features, the startup aims to become India’s first faceless crop loan app.
“GreenSat was founded with the mission of transforming the farming industry. We stand by our 15k+ happy farmer families who have experienced higher yields and higher profitability, along with better and low-cost funding through GreenSat. Our journey has been further expedited by the confidence Mumbai Angels have shown in us and our potential. With this contribution by MA, we aim to reach and provide a holistic solution to many more farmers, B2B businesses and connect the entire ecosystem through GreenSat”, said, co-founders Deepak Yadav & Krishna Ghosh.
“Precision Farming using satellite data improves crop yield for farmers as they can make informed, real-time crop management decisions. GreenSat’s integrated platform is a confluence of advanced technology, digital finance and more, and I am confident that the fresh capital will enable them to innovate solutions to improve profitability for the agri sector”, said, Nandini Mansinghka, Co-founder and CEO, Mumbai Angels.
Greensat Innovation Labs will focus on bridging the gap in this sector by bringing banks, insurance companies, procurement institutions and most importantly farmers on one platform.
This company has helped more than 15 thousand through its platform and processed 200+ loans.
About GreenSat Innovation Labs
With the use of modern technologies like satellite imagery, artificial intelligence and blockchain, GreenSat aims to transform agriculture profoundly.
GreenSat’s analyses are powered by data captured through numerous satellite datasets, most prominently Sentinel-1 and Sentinel-2, which image the entire Earth every 3 days. However, through the use of multiple satellite datasets, they receive almost daily images of all their fields.
GreenSat have a vision of unlocking the value of natural resources like Water, agriculture , minerals , energy and its support systems like banking and finance and commodity market by relentless innovation. In the same journey, their new initiative GreenSat was conceived, they want to go a step ahead and use satellite imagery and precision AI tools like neural network algorithms to integrate our earth observation data for the benefit of optimum use of natural resources and its support systems.