Thailand-based AgriTech startup that provides AI-driven farming solutions, Ricult has secured US$ 2M in pre-Series A funding round held in September 2020, led by Bualuang Ventures (the venture arm of Bangkok Bank), and Krungsri Finnovate, the VC unit of Bank of Ayudhya.
The latest round brings the startup’s total funding to US$ 5M raised to date.
The fresh funding will be used for product development and to increase its footprint in the domestic market. It is also looking forward to expanding into neighboring countries such as Laos, Vietnam, and Indonesia.
Ricult was founded by MIT alums Aukrit Unahalekhaka, Gabriel Torres, Jonathon Stroller and Usman in the year 2015. It is headquartered in Boston, MA, USA and currently operates in Thailand and Pakistan. With the help of its thorough knowledge in weather analysis and satellite technology, the startup has developed a platform to help farmers and agricultural businesses manage their farms more efficiently.
Its aim is to enable farmers to pull themselves out of poverty while getting connected to a multi-billion dollar market, and entrepreneurs all over the agrarian supply chain, including banks. This helps farmers increase yield from their cultivation, connect with online markets to sell their agricultural products, and provide interactions with agriculture specialists. Farmers will be able to evaluate dangers more accurately as Ricult’s platform can predict the weather up to nine months in advance. Furthermore, data is studied via satellite images on a single platform that provides product price info and other features mentioned above.
The startup claims that it presently has data of 200K Thai farmers and 100K farmers from other regions on its platform. They are expecting to collaborate with 1 million local farmers and 4 million global farmers in the next 3 years. Co-founder and CEO Aukrit Unahalekhaka, said along with managing the startup’s business, Ricult’s goal to build a platform that can leverage technology to help everyone in the society, particularly farmers who are the pillar of Thailand.
Ricult has previously secured seed funding from angel investors and Venture Capital companies, such as the Bill and Melinda Gates Foundation, Dtac Accelerate, Chanwanich Group, Wavemaker Partners, and 500 TukTuks.
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