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Monday, June 17, 2024

Agritech startup Absolute to bolster its core platforms with $100M funding

Agritech company Absolute has secured $100 million across recent rounds of funding. The startup will use the money to strengthen its three core platforms

Absolute, an agritech business, has secured $100 million in previous fundraising rounds from Sequoia Capital India, Alpha Wave Global, and Tiger Global. According to the corporation, it is worth around $500 million.

Last November 5, the media reported on its fund-raising plans.

Absolute raised $2 million last year from Sequoia Capital’s Surge incubation program and two angel investors, Nadir Godrej and Sanjiv Rangrass.

According to the business, the cash will be used to strengthen its three major platforms: bioscience research platform, universal Farm OS, and global trading platform.

Absolute, founded in 2015 by Agam Khare and Prateek Rawat, manages the whole agricultural output cycle, from seed to harvest.

Its digital platform is an AI-driven operating system that can be integrated across vertical farms, greenhouses, and open fields, allowing farmers to grow crops without the use of synthetic enzymes or genetically modified organisms.

It runs R&D platforms (BioX) that span plant biology, microbiology, omics, molecular biology, epigenetics, and artificial intelligence.

According to a release, the company’s revenues have increased 12x in the last year.

Absolute now serves fresh products in about ten countries and is expanding into new areas.

It is also delivering its Farm OS across over 100,000 acres of its next-generation precision farm network.

CEO Khare stated, “This money will help us with technology expansion, employing personnel, and scaling to fresh markets and segments.”

Agri-tech businesses are gaining popularity with risk investors, and numerous such startups, including DeHaat, Gramophone, Bijak, Onato, Agrostar, Reshamandi, BharatAgri, and TartanSense, have recently raised financing.

GV Ravishankar, Sequoia India’s managing director, said, “The Absolute team has spent years researching every crop and genuinely understanding why plants grow, behave, and live in various ways.”

According to Navroz D Udwadia, cofounder of Alpha Wave Global, Absolute’s AI-driven scientific approach to agriculture offers a real uplift for all parties across the agri-value chain.

He said, “Farmer profitability grows significantly when production and produce quality improve. Absolute is now able to trade globally with high margins. Absolute, with science and data-driven decision making at its core, we believe, will be a global leader in the ag-tech industry.”


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