ImpactAlpha, November 20 – Bangalore-based CropIn makes software that analyzes and predicts crop yields and risks using satellite, sensor, crop and weather data. CropIn’s mission is to support more efficient agriculture globally.
“To feed the 9.7 billion people in the world in 2050, agriculture efficiency must increase by 35% to 70%, and technology is the key,” founder Krishna Kumar said.
Indian venture capital firm Chiratae Ventures and the Bill & Melinda Gates Foundation backed the company’s Series B equity round.
CropIn launched in 2010 and has developed an agriculture analytics and prediction model for 265 crops based on data from more than two million small farms in 29 countries. India’s “rich mix of farming practices and small landholdings” have been a particularly significant datasource for CropIn’s models.
The company offers its software and analytics to a wide range of organizations—anyone from PepsiCo to international development institutions—with a stake in agricultural production. It also offers a risk assessment product for organizations offering agricultural lending, like banks and microfinance institutions, and crop and farm insurance providers.
With its Series B funding, the company is looking to expand its network to seven million farmers. CropIn raised $4 million in prior funding rounds from Sophia Investment, Ankur Capital, BEENext, and others.