Nabard’s venture investment arm announced a Rs 10 crore investment in Satyukt Analytics, a satellite agri-analytics startup, according to PTI report.
Satyukt deploys satellite technology and machine learning to provide software as a service-based advisory services to farmers, as per an official statement.
The National Bank for Agriculture and Rural Development (Nabard)-backed Nabventures’ investment, started in 2018, in the Bengaluru-based entity by a team of scientists will help the company develop new farmer-centric products and services, it said.
These include the development of an app to empower farmers with data-driven insights, another one to help financiers and insurers to evaluate a farm’s creditworthiness and credit risk, and also introduce new products for agri input companies and agri insurers, it said.
It also has a proprietary technology that can measure farm soil nutrients content within minutes enabling stakeholders to assess soil quality on their mobile devices without visiting the farm, the statement said.
Nabard chairman Shaji KV said Satyukt is a unique agritech startup harnessing the power of satellite data and remote sensing for the benefit of farmers and lenders interested in funding the agriculture sector. The association is aligned with Nabard’s thought processes and beliefs.
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