India-based AI agtech startup Intello Labs today announced it’s closed a US$2 million seed round from Nexus Venture Partners and Omnivore. This marks the firm’s first institutional round.
Intello Labs, which operates in Singapore, Stockholm, and the US, will use the cash infusion to expand further in Southeast Asia, particularly in Indonesia and Malaysia – two agricultural hubs in the region. It also plans to continuously enhance its product features.
Launched in 2016, Intello Labs created an app that uses artificial intelligence and machine learning to grade and analyze the quality of agricultural commodities like wheat, potatoes, and onions. Clients can use the app to take photos of a batch of their produce. The app then automatically grades these using visual quality metrics such as shriveling, ruptured skin, cracks, etc.
The startup generates revenue by charging its clients per photo taken. “In the current process, if you are to send a sample to a laboratory for testing, it takes around US$40 to US$50. We are much, much cheaper than that,” Milan Sharma, CEO of Intello Labs, tells Tech in Asia.