InfyU Labs Raises INR 1.8 Cr Seed Round From IAN The startup will utilize the fresh capital infusion to deploy more devices to bring quality effectiveness and boost its R&D
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Gujarat-based agritech startup InfyU Labs on Tuesday announced that it has raised INR 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, R.A. Venkitachalam, Bhavesh Jha, and Shyaam Ramamurthy.
The startup will utilize the fresh capital infusion to deploy more devices to bring quality effectiveness and boost its research and development (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.
"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," mentioned Amit Srivastava, co-founder, InfyU Labs.
The company specializes 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 internet-of-things (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 optimize the storage time, the company said.
"InfyU Labs is revolutionizing 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," added Sanjay Bansal, lead investor, IAN.
Working in the Indian agriculture landscape, the company 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, the US, and East Asia.
