Sri Lankan agri-tech startup Agrithmics has recently raised USD 1.75 million from BRAC Osiris Impact Ventures in its Pre-Series A funding round. With this, Agrithmics has officially reached a valuation of USD 8.25 million. Additionally, the company is rebranding its global corporate identity to Cultive8 Technologies as part of its long-term expansion strategy.
Originally launched in 2016, Agrithmics sought to connect farmers and buyers while helping digitize processes in the industry. As per its website, Agrithmics is an “agile cloud-based end-to-end Process Automation and Fintech solution” company.
By 2020, the company secured LKR 100 million in funding through the Digital Innovation Fund, backed by Dialog Axiata and managed by BOV Capital. During this time, Agrithimics accounted for over 40,000 registered farmers and 23 tea factories across Sri Lanka, thanks to its AgriX (IOT-enabled and cloud-based procurement) and Agri-Pay Transaction Switch systems. Interestingly, Agrithmics was also among the four winners at Microsoft’s inaugural Emerge X Regional Pitching Competition in the Asia Pacific, in the same year.
Commenting on the latest round of funding, BOV Capital Managing Partner Prajeeth Balasubramaniam says that agri-tech is a high-potential area for a country like Sri Lanka, particularly considering the future outlook. “The Agrithmics team has proven their ability to rapidly scale in the local sector and we look forward to seeing them leverage their Sri Lankan ingenuity to succeed in their ambitious plans to expand across the Asian region,” he states further.
With the investment from BRAC Osiris Impact Ventures, Agrithmics will move its corporate headquarters to Singapore and is set to open its operations in Bangladesh, the company’s first expansion beyond Sri Lanka. “As we have already started taking our first steps into Bangladesh with the help of our new investors, we set our sights on the larger potential offered by Asian agricultural markets, from where we foresee a lot of our future growth emanating,” says Agrithmics founder and Group CEO Prashanth Premakumar.
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