An ingenious Bengaluru based agricultural startup Aibono raised a whopping amount of $2.5 million or Rs 17.4 cr in a pre-series funding round led by Menterra Venture Advisors.
The other investors that participated in the round included Silicon Valley-based Milliways Venture, Zurich-based Artha Ventures, Japanese fund Rebright Partners and Mohandas Pai-backed 3one4 Capital.
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The company, Aibono was launched by Vivek Rajkumar in the year 2014. The startup uses artificial intelligence technology and data science to provide precision agriculture to the farmers. They also work with small retailers to aggregate the demand for agricultural supplies.
The company has a farmer-centric platform that uses many techniques and data sciences for a guaranteed 2x yield.
With the huge investment and money, the startup plans to use the funds to extend their service to 2000 farmers from 400 and work with over 1000 small retailers from 250 retailers. It will also focus on expanding its operations further in South India and expanding to Tier 1 and Tier 2 cities.