Agrithmics becomes first Lankan agri-tech start up with over $ 8 m valuation within 3 years
Friday, 23 June 2023 00:40 – – 74
Rebrands as Cultive8, raises $ 1.75 m in funding to expand offering of affordable technology solutions for agri businesses to digitise their procurement and payment automation
Opens Corporate HQ in Singapore and an office in Bangladesh in line with Asian expansion plans
Agrithmics Ltd., Founder and CEO Prashanth Premakumar
A leader in Sri Lanka’s Agritech field, Agrithmics Ltd, has rebranded its global corporate identity as Cultive8 Technologies, to facilitate its long term expansion strategy that will see it go beyond Sri Lanka, into South Asia and Southeast Asia.
This also follows Agrithmics recently raising Pre-Series A Funding, valued at $ 1.75 million, from BRAC Osiris Impact Ventures, leading to its post money valuation of $ 8.25 million.
Launched in April 2020, and backed by the Digital Innovation Fund, BOV Capital, Striders Global Investment and Ataraxia Capital Partners; Agrithmics began its Sri Lankan operations by delivering affordable technology solutions for Agri businesses to digitise their procurement and payment automation. To date, Agrithmics has worked closely with some of the leading players in the tea industry along with other market leaders in the Agriculture space.
Further, Agrithmics has empowered plantation companies to digitise their activity in the field, even allowing them in some cases to manage all operations remotely.
Also noteworthy, Agrithmics developed an ERP solution focused on agriculture that enables cloud-based management of plantation services, private tea factories, as well as other agriculture-related activities, so companies can remotely manage their operations while increasing efficiencies.
BOV Capital Managing Partner Prajeeth Balasubramaniam said: “Agritech is a high potential field in Sri Lanka, while also being vitally important for our country’s future. 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.”
BRAC Osiris Impact Ventures’ new investment into Agrithmics has facilitated the moving of its corporate headquarters to Singapore, along with the opening of its first overseas operations in Bangladesh, where it expects to deploy its full suite of technology and business solutions. Cultive8’s overall plan is to connect the entire stakeholder network within the Agriculture ecosystem, from input companies, to farmers, aggregators and buyers, all under one platform.
Agrithmics Founder/CEO Prashanth Premakumar, who now also takes on the Group CEO role, wherein he will direct regional expansion, said: “Cultive8 is perfectly positioned to take our locally developed Agritech – supply chain expertise across Asia. 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.”