Aibono, the AI-powered fresh food aggregator has bagged $2.5 million in pre-Series A investment from social impact investor Menterra Venture Advisors and few others also participated in the round. The Artha Initiatives of Switzerland-based impact investor Rianta Capital, Silicon Valley-based Milliways Ventures, Tokyo- and Singapore-based venture capital firm Rebright Partners and venture capital firm 3one4 Capital are the other backers who participated in the investment round.
The company through a statement said that the freshly raised capital will help the company bring more farmers on the platform along with standalone retailers. The funds will also be deployed towards strengthening the logistics infrastructure and team of Aibono. Launched in 2014 by Vivek Rajkumar, the company helps farmers through its AI-powered farming solutions which allow them to use analytics, Internet of Things and data science to improve yield.
Prior to this round, the firm had picked up a seed round investment in 2016 where the backers included the likes of Menterra Venture Advisors, Artha India Ventures, Rebright Partners, 3one4Capital and StartupXseed Ventures. Rajkumar, founder of Aibono talking about the firm said, “Between 2017 and now we’ve aggregated 250 retailers and have pulled data on consumption patterns and built predictive analytics. This helps us estimate how much seeds farmers have to sow 60-90 days in advance, essentially synchronizing production of highly perishable fruits and vegetables with the shelf-level pull."
Menterra Venture Advisors' co-founder and managing director Mukesh Sharma commenting on the capital infusion said, “Aibono pioneers a technology disruption solving the lows yields and sub-optimal price realization for farmers and inconsistent supply of safe fresh produce to consumers."
Image Courtesy : aibono