Satellite tv for pc information analytics startup Satyukt has raised $500,000 (Rs 3.7 crore) in seed funding from Nabventures and Social Alpha.
Nabventures is anchored by Nabard (Nationwide Financial institution for Agriculture and Rural Growth). It’s a enterprise development fairness fund that invests in agritech, meals, agri/rural fintech and rural healthtech and edtech.
Based in 2018 with a core crew of scientists, Satyukt Analytics has developed proprietary algorithms processing multi-satellite imagery built-in with varied on-field, climate, and market information factors to supply essential insights on water assets, crop well being, and danger monitoring bundled with advisory providers to varied stakeholders within the agricultural sector.
The corporate has shoppers like Robert Bosch, Adani group, Marico, Newport G (UK) and has launched subscription-based B2B (business-to-business) information providers focused at farmers and FPOs (farmer producer organisations).
Founder Sat Kumar Tomer stated, “At Satyukt Analytics, our imaginative and prescient is to carry the most recent farm-scale information backed by cutting-edge analysis on distant sensing, on the fingertips of farmers and different stakeholders within the agricultural sector.”
Tomer, a PhD diploma holder from the Indian Institute of Science, Bangalore, floated Satyukt Analytics to be able to leverage educational analysis for fixing the issues confronted by agriculture globally.
GR Chintala, chairman of Nabard and Nabventures, stated, “Satyukt Analytics is without doubt one of the few examples of educational analysis leading to a profitable business enterprise which may generate monetary returns to buyers and have a major social impression as properly.”
Ankit Bhatnagar of Nabventures added, “The present crop injury evaluation system’s reliance on 1000’s of crop-cutting experiments ends in delayed submission of yield information and this, coupled with excessive insurance coverage administration prices, is the primary purpose for limitation within the unfold of agri insurance coverage.”
Social Alpha is an ecosystem structure created by the Basis for Innovation and Social Entrepreneurship to nurture startup groups. The initiative is supported by Tata Trusts.
Satyukt Analytics marks the third deal announcement from Nabventures this month after Unnati Agri Krishitantra.
Nabventures has made 4 investments in startups in the course of the pandemic.