CropIn Raises $8 Million to Develop New Agriculture Technology
CropIn Technology Solutions, an agriculture technology startup, has raised $8 million (INR 58 crores) in a Series B financing from Chiratae Ventures and the Bill & Melinda Gates Foundation Strategic Investment Fund (London and Seattle). The financing will scale CropIn’s SmartFarm technology platform in India and globally to expand its reach from 3 million acres across 2 million farmers to more than 10 million actively monitored acres across 7 million farmers.
The company plans to use this additional funding to expand its Machine-Learning (ML)-based SmartRisk platform to achieve better plot-level crop detection and yield prediction. The SmartRisk platform utilizes high-resolution satellite imagery, which forms the foundation of machine learning.
CropIn aims to provide near-real-time actionable insights to agriculture processors, distributors, inputs providers, lenders, and insurers through its connector Application Program Interface (APIs). With this investment, CropIn has raised a total funding of $12 million from investors including Singapore-based venture capital firm Beenext.