Exfinity Venture Partners invests $2 million in US-based AgShift
New Delhi: Enterprise technology-focused venture capital firm Exfinity Venture Partners LLP on Thursday said it has invested $2 million in AgShift, a California-based start-up.
Promoted by IT industry veterans T.V. Mohandas Pai, V. Balakrishnan, Deepak Ghaisas and Girish Paranjpe, Bengaluru-based Exfinity is investing from its second fund of Rs300 crore.
Started in March 2016, AgShift is developing technology to inspect and grade food produce from farms using deep learning and computer vision over a mobile device. The start-up is currently working with select clients in the food industry to test its solution.
“We have proven out our core technology working with these great partners. Now, with new capital, we will work towards strengthening our development team and maturing the product for specific enterprise and use cases,” said Miku Jha, its founder and chief executive officer.
According to the company, the solution helps food supply chain firms to autonomously inspect food samples and detect defects as per USDA (United States Department of Agriculture) specifications, and has patented deep learning capabilities for the platform to train itself as more data and food images are processed through it.
AgShift joins Exfinity Venture’s portfolio of early-stage enterprise technology firms that includes app analytics start-up MoEngage, big data consultancy IQLECT and marketing automation firm MarianaIO.
Agricx Lab, a Mumbai-based start-up developing a similar solution, also received funds recently from Ankur Capital and Indian Institute of Management- Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship, Mint reported in February.