A fund called Nabventures, which is backed by the National Bank for Agriculture and Rural Development (NABARD), put 10 crore into Satyukt Analytics, an agri-tech company in Bengaluru.
Satyukt uses satellite technology and machine learning to give advice to farmers through SaaS-based services.
The investment, according to the startup, will allow Satyukt to speed up the development of its Sat2farm app, which gives farmers data-driven insights, and its Sat2credit app, which helps BFSI players evaluate a farm’s creditworthiness and credit risk. Satyukt will also be able to release new products like Sat4agri for agri-input companies and Sat4risk for agri-insurers.
Sat2credit gives banks and other financial institutions in-depth farm-level analysis and insights that help them make personalised digital lending choices.
Sat Kumar, who has a PhD from the Indian Institute of Science in Bangalore, began Satyukt in 2018.
“Satyukt is in the process of becoming a global SaaS. It has a great team of satellite data analytics and remote sensing experts with advanced AI and ML skills. Rajesh Ranjan, CEO of Nabventures, said, “We are happy to help them in their efforts to change India’s agricultural sector by giving them data-backed solutions for financing farmers and making land more productive.”
Sat Kumar, CEO of Satyukt, said, “Nabventures’ investment makes us even more determined to use cutting-edge technologies to give our stakeholders in India’s agriculture sector access to and use accurate, real-time data that can help them make decisions and improve their operations.”
It got a start-up loan of $500,000 from Nabventures and Social Alpha in 2020.
Nabventures Puts 10 Million Dollars Into An Agri-Tech Company Satyukt Analytics
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