Satyukt Deploys Satellite Technology & Machine Learning
NABVENTURES’ investment, part of a pre-Series A funding round for Satyukt, will enable them to accelerate the development of its Sat2farm app
MUMBAI, June 13 (The CONNECT) – NABVENTURES, a venture growth equity fund backed by NABARD (National Bank for Agriculture and Rural Development), has announced an investment of INR 10 crore in Satyukt Analytics Private Limited, a Bengaluru-based agri analytics startup.
Founded in 2018 with a core team of scientists, Satyukt deploys satellite technology and machine learning to provide SaaS-based advisory services to farmers.
NABVENTURES’ investment, part of a pre-Series A funding round for Satyukt, will enable them to accelerate the development of its Sat2farm app that empowers farmers with data-driven insights, Sat2credit app that helps BFSI players to evaluate a farm’s creditworthiness and credit risk and introduce new products such as Sat4agri for agri input companies and Sat4risk for agri insurers. Sat2credit is a revolutionary tool for BFSI industry as it provides in-depth farm-level analysis and insights enabling banks and financial institutions to make customised digital lending decisions.
NABARD Chairman Shaji KV described Satyukt as a unique agritech startup harnessing the power of satellite data and remote sensing for the benefit of farmers. “The association with Satyukt aligns with our thought processes and beliefs,” he said.
“Satyukt is a global SaaS in the making with a remarkable satellite data analytics and remote sensing team having advanced AI/ML capabilities. We are happy to support them in their endeavour towards transforming India’s agrarian sector by providing data-backed solutions for financing farmers and improving land productivity”, said Rajesh Ranjan, CEO of NABVENTURES.
Dr Sat Kumar, CEO of Satyukt said “NABVENTURES’ investment strengthens our resolve to leverage cutting-edge technologies to enable our stakeholders from India’s agriculture sector to access and utilise accurate, real-time data that can drive their decision-making processes and positively impact their operations.”
Satyukt has a proprietary technology that can measure farm soil nutrients content within minutes enabling stakeholders to assess soil quality on their mobile devices without having to visit the farm. They are the only satellite data analytics startup which works directly with farmers using a b2c approach through its Sat2farm app.
The transaction was supported by Equity 360’s Sumeet Seraf.
