Satyukt Analytics, a satellite data analytics start-up, has raised about USD 500,000 in seed funding from Social Alpha and NABVENTURES Ltd.
NABVENTURES is a subsidiary of NABARD (National Bank for Agriculture and Rural Development). It is a venture growth equity fund that invests in rural health tech, agritech, rural/agri fintech, food, and edtech.
A core team of scientists founded Satyukt Analytics in 2018. Satyukt Analytics offers essential insights on risk monitoring, water resources, and crop health bundled with advisory services to several agricultural sector stakeholders.
The company has clients like Newport G (UK), Robert Bosch, Marico, and Adani Group. Moreover, the company has introduced subscription-based business-to-business (B2B) data services targeted at farmers and farmer producer organizations (FPOs).
Sat Kumar Tomer, CEO at Satyukt Analytics Private Limited, commented: “At Satyukt Analytics, our vision is to bring the latest farm-scale data backed by cutting-edge research on remote sensing, at the fingertips of farmers and other stakeholders in the agricultural sector.”
Tomer founded Satyukt Analytics to leverage academic research for solving the issues faced by agriculture worldwide.
Govinda Rajulu Chintala, Chairman at NABARD, commented: “Satyukt Analytics is one of the few examples of academic research resulting in a successful commercial venture which can generate financial returns to investors and have a significant social impact as well.”
Ankit Bhatnagar, Analyst at NABVENTURES Ltd., commented: “The current crop damage assessment system’s reliance on thousands of crop-cutting experiments results in delayed submission of yield data and this, coupled with high insurance administration costs, is the main reason for limitation in the spread of Agri insurance.”
Social Alpha is an ecosystem architecture created by the Foundation for Innovation and Social Entrepreneurship to nurture start-up teams. Tata Trusts supports the initiative.
Satyukt Analytics announced the third deal from NABVENTURES after Unnati Agri Krishitantra. NABVENTURES Limited made about four investments in start-ups during the pandemic.