New Delhi, April 3, 2019: Intello Labs, an AI-focused agritech startup, announced today that it has closed a seed round of USD 2 million from Nexus Venture Partners and Omnivore. Intello Labs is leveraging AI tools, including computer vision and deep learning, to build a platform for grading and quality monitoring of agricultural commodities.
Compared to other industries, the agriculture and food sectors have lagged in technology adoption and not kept pace with digitization. Intello Labs’ image-based solutions, delivered through smartphone apps, are bringing transparency and standardization to quality assessment, reducing value risk and wastage in the agriculture supply chains. The company aims to become the de-facto quality platform across agribusiness value chains for trading, procurement, grading, pricing, marketing, and traceability. Intello Labs has validated these use cases with pilot customers and is seeing significant sales traction.
Intello Labs was founded in 2016 by Milan Sharma, Nishant Mishra, Himani Shah and Devendra Chandani. The first three co-founders studied together at IIT Bombay, while Devendra is an MDI Gurgaon postgraduate. Intello Labs’ founding team brings together diverse backgrounds and skill sets, including data science (Milan), computer vision (Nishant), corporate strategy (Himani), and analytics (Devendra). Intello Labs previously raised money from a variety of angel investors and participated in two accelerators: Indigram Labs and JioGenNext.
According to Milan Sharma, CEO of Intello Labs, “This funding will help us strengthen our product and rapidly scale globally. We are excited to partner with the best possible combination of investors for us. Omnivore brings deep domain expertise and an incredible agribusiness network while Nexus brings unparalleled experience scaling Indian technology startups.”
Intello Labs is already working with several global food companies, and has developed ready-to-use solutions for fruits, vegetables, and spices. With a simple photo taken from a low cost smartphone, Intello’s AI can generate instantaneous quality metrics. Initially, the company plans to focus on large enterprise clients, but eventually Intello Labs will be offered as Software-as-a-Service to small businesses, traders, and farmers.
Commenting on the deal, Mark Kahn, Managing Partner of Omnivore, said, “For years, Omnivore has been searching for an agritech startup disrupting the opaque and subjective system of commodity grading in India, which hurts the entire value chain, especially farmers. Intello Labs will bring transparency and objectivity across agribusiness supply chains, helping farmers to capture the value they create.”
Puneet Kumar, Vice President, Nexus Venture Partners, added, “Without the standardization and digitization of quality assessment of agricultural produce, e-Mandi and digital agriculture markets will remain a distant dream. Intello Labs is revolutionizing quality assessment and grading for agricultural produce, utilizing technology advancements in AI and ML. Digital quality assessment coupled with pricing algorithms can prove to be game changing for farmers, commodity traders and large corporates in the years to come.”
IC Universal Legal’s Chennai team, led by Sameena Chatrapathy, managed the transaction.
About Intello Labs: Intello Labs is leveraging AI tools, including computer vision and deep learning, to build a platform for grading and quality monitoring of agricultural commodities. For more information on Intello Labs, please visit: http://www.intellolabs.com