Gurugram-based agritech startup Intello Labs has raised ₹14 crores ($2 million) in seed funding from Nexus Venture Partners and Omnivore. The startup plans to use the freshly raised capital to strengthen its product line and expand globally.
Founded by Milan Sharma, Nishant Mishra, Himani Shah and Devendra Chandani in 2016, Intello Labs leverage artificial intelligence to build a platform for grading and quality analysis of agriculture commodity. Using intelligent photo analysis algorithm, the startup can generate instantaneous quality metrics.
“Without the standardisation and digitisation of quality assessment of agricultural produce, e-Mandi and digital agriculture markets will remain a distant dream. Digital quality assessment coupled with pricing algorithms can prove to be game-changing for farmers, commodity traders and large corporates in the years to come,” said Puneet Kumar, vice president of Nexus Venture Partners.
A user can access the solution through a smartphone application. The product is aimed to bring transparency and standardization to the quality assessment. It can also reduce the wastage and value risk in the agriculture supply chains.
Mark Kahn, managing partner of Omnivore, said, “For years, Omnivore has been searching for an agritech startup disrupting the opaque and subjective system of commodity grading in India, which hurts the entire value chain, especially farmers. Intello Labs will bring transparency and objectivity across agribusiness supply chains, helping farmers to capture the value they create.”
Intello Labs had earlier raised funds from multiple angel investors. It was also a part of two accelerator programs – JioGenNext and Indigram Labs. The startup is working with several global food companies and has developed solutions for fruits, vegetables and spices. The company is focused on large enterprises as of now but they plan to soon expand as a SaaS model for small businesses, traders and farmers.
