The UK agtech company based in Cambridge has raised £1.12 million and gears up for European expansion
Cambridge-based agtech company KisanHub has raised £1.12 million for its seed-to-sale connectivity platform, which the company claims can accelerate the pace of digital transformation of the agrifood industry.
The funding round was led by Low Carbon Innovation Fund 2 (LCIF2) with backing from the UK’s Future Fund and supported by existing investors IQ Capital, Notion Capital, and Sistema VC.
The funds are intended to help the company accelerate its business in the UK and Europe and further promote the values of sustainability in food supply chains with support from government investors.
Dmitry Filatov, managing partner at Sistema VC, said: “KisanHub technology digitalises 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.”
Supply chain management
KisanHub’s supply chain management platform makes use of big data and machine learning to help growers, field staff, procurement managers and management teams make informed decisions.
As a cloud-based enterprise, the platform focuses on crop intelligence, supply chain intelligence, integrating data from crops, stores, load dispatches, satellites and field sensors to help businesses meet contractual obligations on quality and quantity of the produce.
KisanHub’s target customers are agricultural enterprises supplying retailers and processors that work with a network of contract farmers or operate their own farmland. Global beverage giant ABInBev and British suppliers Spearhead, Burgess Farm Produce, Manor Fresh, and Jupiter Group are current customers.
“We are delighted to welcome LCIF2 as an investor in KisanHub,” said
Sachin Shende, co-founder and chief executive of 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.
“KisanHub helps keep everyone in the supply chain aware of the state of each batch of produce they are growing, aggregating or retailing so that they can plan better and reduce waste,” said Axel de Mégille, director at Turquoise. “This investment fits well into LCIF2’s strategy of investing in technologies that help to reduce greenhouse gases,” he concluded.
Date published: 18 November 2020