AgTech startup confirms a seven-digit round of financing to develop its AI-powered software
Switzerland-based Agrinorm has announced that it has secured a seven-digit round of financing to further develop its AI-powered software for quality risk management across fresh produce value chains.
The funding round was led by QBIT Capital and supported by SICTIC investors including Thomas Dübendorfer, Nicolas Cepeda, Cornelia Gut, David Studer and Ronald Strässler.
”The core business of fresh produce traders lies in taking strategic risks of quality, price, and volume,” the Zurich agtech company stated. ”The ability to manage those risks effectively is a key driver of their success.
”However, dealing with fresh produce has always been a challenging task. Fruits and vegetables are highly perishable, and their availability is often dependent on unpredictable weather conditions.
”Furthermore, it is common for orders to be placed at the last minute, and buyer requirements can fluctuate based on market trends,” the group noted. ”Against the backdrop of climate change, inflation, and escalating energy prices, ensuring a steady supply of fresh produce has become more challenging than ever.”
To address these challenges, Agrinorm has developed AI technology that helps fresh produce traders manage uncertainties associated with product quality.
According to Agrinorm, it enables traders to manage their supply chains more efficiently, meet customer expectations, reduce costs, improve returns for growers, and minimise the environmental impact of the fruits and vegetables we consume.
”45 per cent of all fruits and vegetables produced end up in waste,” the group continued. ”At the same time, astonishing 3bn people don’t have access to a healthy diet. In economic terms, wasted fruits and vegetables cost the global economy US$450bn annually.”
Agrinorm said that its technology helped fresh produce companies collect data on food waste, seen as a crucial first step towards effective management.
Once enough data is accumulated, Agrinorm said it could help find patterns and evaluate root causes of waste to help clients take more informed decisions and improve their supply chains step by step.
By reducing food waste, Agrinorm said it was contributing to enhancing food security, as well as mitigating carbon emissions and combating climate change.
