Novo Holdings, an investor based in Denmark, revealed that it had taken the lead in funding AgNext Technologies Private Limited, an agricultural and food technology company based in India that innovates artificial intelligence-based technologies to assess food quality and build trust along food chains.
AgNext Technologies’ efforts to further develop technologies for food quality assessments and to build a team that will scale its product sales internationally and into new food segments will be supported by this latest funding round, according to a statement from Novo Holdings.
The agreement represents Novo Holdings’ first investment in the planetary health space in Asia and advances the company’s overarching strategic objective of funding initiatives that address planetary health and promote the green transition, which aims to combat climate change, feed a growing global population, and build sustainable cities.
“We at AgNext have been focused on digitizing food chains enabling greater transparency and profitability for stakeholders,
“We are delighted to welcome Novo Holdings as an investor. Their global outlook and deep sector expertise will be valuable in supporting our mission of consolidating and integrating the best technologies for building the next generation in global food chains,” said Taranjeet Singh Bhamra, Founder and Chief Executive Officer, AgNext Technologies.
AgNext Technologies was established in 2016 and has operations in Abu Dhabi, United Arab Emirates (UAE), and India. Its mission is to develop, scale, and market an integrated platform that will enable quick, accurate, portable, and affordable assessments of food quality, thereby helping all parties involved in the agricultural value chain.
Through the digitization of quality assessment, the company is setting standards to guarantee transparency in food transactions from the point of origin to the point of consumption.
Specifically in grains, pulses, oilseeds, spices, and herbs, the company has developed scalable models that offer fair pricing in food chains, utilization of pure crop inputs, quality-assessed procurement for businesses, and consumption of safe, pure food across food chains. The food ecosystem’s profitability and efficiency are also greatly increased by AgNext’s solutions.
“This investment presents an exciting opportunity for Novo to collaborate with AgNext’s management team in markets with unmet needs, prioritizing both organic and inorganic growth in the food and agritech space in the near and long term,” said Amit Kakar, Managing Partner and Head, Novo Holdings Asia.
“With an innovative technology offering, AgNext is poised to capture opportunities to grow its business across various sectors and regions,
“Further, the company’s focus on unique and customized solutions aligns well with our vision of supporting transformative technologies in the bioindustrial and planetary health sector,” he added.
