Satellite records analytics startup Satyukt has raised $500,000 (Rs 3.7 crore) in seed investment from Nabventures and Social Alpha.
Nabventures is anchored through Nabard (National Bank for Agriculture and Rural Development). It is a assignment boom fairness fund that invests in agritech, food, agri/rural fintech and rural healthtech and edtech.
Founded in 2018 with a center group of scientists, Satyukt Analytics has advanced proprietary algorithms processing multi-satellite tv for pc imagery included with numerous on-field, weather, and marketplace records factors to offer vital insights on water resources, crop health, and hazard tracking bundled with advisory offerings to numerous stakeholders withinside the agricultural sector.
The enterprise has customers like Robert Bosch, Adani group, Marico, Newport G (UK) and has released subscription-primarily based totally B2B (business-to-business) records offerings focused at farmers and FPOs (farmer manufacturer organisations).
Founder Sat Kumar Tomer said, “At Satyukt Analytics, our imaginative and prescient is to convey the trendy farm-scale records sponsored through modern-day studies on far flung sensing, on the fingertips of farmers and different stakeholders withinside the agricultural sector.”
Tomer, a PhD diploma holder from the Indian Institute of Science, Bangalore, floated Satyukt Analytics so that it will leverage instructional studies for fixing the troubles confronted through agriculture globally.
GR Chintala, chairman of Nabard and Nabventures, said, “Satyukt Analytics is one of the few examples of instructional studies ensuing in a a success industrial assignment that could generate monetary returns to buyers and feature a sizeable social effect as well.”
Ankit Bhatnagar of Nabventures added, “The cutting-edge crop harm evaluation system’s reliance on heaps of crop-reducing experiments consequences in not on time submission of yield records and this, coupled with excessive coverage management costs, is the primary cause for difficulty withinside the unfold of agri coverage.”
Social Alpha is an atmosphere structure created through the Foundation for Innovation and Social Entrepreneurship to nurture startup teams. The initiative is supported through Tata Trusts.
Satyukt Analytics marks the 1/3 deal statement from Nabventures this month after Unnati Agri Krishitantra.
Nabventures has made four investments in startups at some stage in the pandemic.
