[Funding alert] Agritech startup InfyU Labs raises Rs 1.8 Cr in seed round from IAN
Agritech startup InfyU Labs has raised Rs 1.8 crore in a seed round from IAN. The round was led by angel investors - K.R.S. Jamwal, Sanjay Bansal and Vishnuraj Kunjur. Previously, the company had raised a small pre-seed round from mentors Pranav Jha, RA Venkitachalam, Bhavesh Jha and Shyaam Ramamurthy.
The Gujarat-based startup will utilise the fresh capital infusion to deploy more devices to bring quality effectiveness and boost its R&D. A part of the funding will be used to expand its domain to pre-harvest fruits quality testing and increase its offering by including other perishable commodities.
Realising the need to provide quality assurance of fruits and vegetables to benefit all stakeholders in the food safety and supply chain, IIT Madras alumnus Amit Srivastava and Ankit Chauhan launched InfyU Labs in 2019.
The company specialises in creating portable devices that determine the internal quality of fresh fruits without cutting them open. InfyU uses its proprietary solution, Infyzer - a handheld device – that determines the internal quality parameters, such as TSS (BRIX), acidity, ripeness, shelf life, etc. within seconds. Further, the company provides an end-to-end IoT-based platform that allows the quality manager to quickly access the quality of incoming produce. It helps them to reduce perishable wastage, reduce logistic costs and optimise the storage time.
Amit Srivastava, Co-founder, InfyU Labs said,
“Our focus is to bring transparency and safety to the current food value chain by providing data-driven technological solutions at various nodes. We are extensively working towards improving the prediction model's accuracy by testing the effectiveness of the device under various breeds of fruits, regions of procurement, time of harvest, and many more.”
“In fact, we are also planning to increase our technological domain to multispectral imaging and ultrasonic sensing which will further help in catering to the larger needs of the segment. This fundraise will enable us to achieve our future targets. The latest investment asserts investors’ confidence in our value proposition and growth potential,” Amit added.
Working in the Indian agriculture landscape, InfyU Labs aims to foray into the fruit export segment as well as deploy its devices at the pre-harvest level to identify and automate correct harvest time. The startup aims to capture the estimated $50 billion global market opportunity across Canada, US, and East Asia.
Further adding, Sanjay Bansal, Lead Investor at IAN said,
“InfyU Labs is revolutionising the massive food industry via its unique innovation and cutting-edge IoT-based solutions. The company has set its foot to emerge as the leader in the segment by providing the most accurate results as per business/stakeholders’ requirements. Our investment in InfyU demonstrates IAN’s sector-agnostic approach and helps create high-growth sustainable companies with an impact.”