Agritech startup TraceX Technologies has raised $ 1 million (around 7.5 crores) in a pre-series A round. The NABVENTURES fund, which is funded by Nabbed, is leading the funding.
Paipal Ventures, an early-stage family office investment fund, and angel investor Sunil Kumar were also participants in the pre-series capital round.
TraceX in a statement said, “The newly raised capital will be used towards scaling up operations across geographies in India and in international markets, enhancing the technology platform, foraying into other value chains and for building high performance teams across functions.”
TraceX is a next-generation digital agriculture platform powered by a blockchain-based traceability platform that improves supply chain visibility, allowing businesses to develop trust and optimize long-term value.
TraceX’s blockchain-enabled proprietary platform digitizes the supply chain from beginning to end. All supply chain agents/players can add, view, and exchange data in real-time. The data collected acts as a single source of truth that cannot be altered or tampered with. Every user should be able to draw verifiable insights that promote transparency and traceability at all times.