India-based startup TraceX Applied sciences has raised $1 million in pre-series A funding led by NABARD backed NABVENTURES Fund. The spherical additionally noticed participation from Paipal Ventures, an early-stage household workplace funding fund, and from angel investor Sunil Kumar.
The newly raised capital shall be used in direction of scaling up operations throughout geographies in India and in worldwide markets, enhancing the expertise platform, foraying into different worth chains, and constructing high-performance groups throughout features.
TraceX applied sciences based in 2019 by Srivatsa Sreenivasarao and Anil Nadig, harnesses the facility of blockchain expertise to construct clear, clear, and traceable provide chains throughout the meals and agriculture ecosystem.
TraceX is a next-generation digital agriculture platform that leverages blockchain to attach a number of members throughout the meals and Agri provide chain and assist them securely trade verifiable and auditable information resulting in mutual belief, accountability, traceability, and transparency amongst the collaborating actors.
TraceX’s SaaS platform integrates with the present digital infrastructure within the provide chains and brings all of the stakeholders onto the blockchain community, guaranteeing a single supply of fact from farm to fork. Along with meals security and operational effectivity, TraceX additionally helps firms construct sustainable provide chains for the long run.
TraceX was based with an purpose to create related and traceable provide chains to supply accountability and transparency for each stakeholder within the provide chain. Along with constructing belief amongst shoppers, TraceX additionally provides a big worth add to farmers and meals and agribusinesses. For farmers, it helps increase productiveness, enhance market linkages and improve the standard of the produce. However, it helps meals firms conform to regulatory compliances, scale back losses because of wastage, higher stock administration, and well timed product recollects in case of contamination.