Cambridge-based agritech company KisanHub has raised £1.12 million for its seed-to sale connectivity platform thanks to backing from the EU, UK government and other investors.
KisanHub's suppy chain management platform makes use of big data and machine learning in order to help growers, field staff, procurement managers and management teams make informed decisions.
The deal was led by the EU’s Low Carbon Innovation Fund 2, with backing from the UK government’s Future Fund, which was launched in the spring to help innovative and high-growth British businesses through the coronavirus pandemic.
Additional support was given by existing investors, including IQ Capital, Notion Capital, and Sistema VC.
The funds are intended to help the company accelerate its business in the UK and Europe and promote sustainability in food supply chains.
KisanHub's cloud-based data platform focuses on crop intelligence, supply chain intelligence, integrating data from crops, stores, load dispatches, satellites and field sensors in order to help businesses meet contractual obligations on quality and quantity of the produce.
The agritech firm's target customers are agricultural enterprises supplying retailers and processors that work with a network of contract farmers and/or own their own farmland.
The existing customers include fresh produce companies such as Burgess Farm Produce, Manor Fresh and Jupiter Group.
Dmitry Filatov, managing partner at Sistema VC, said: "KisanHub technology digitises the agricultural supply chain, improving the transparency and efficiency of the procurement process. The pandemic has only increased the demand for such solutions, as food supply security became more important than ever.”
Sachin Shende, co-founder and CEO of KisanHub, added: "We are delighted to welcome LCIF2 as an investor in KisanHub. This investment will enable us to grow the business in the UK and Europe and strengthen our links with local and national governments.”
LCIF2 is funded by the European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.
The fund is managed by Turquoise, the London-based merchant bank that specialises in energy, environment and efficiency.