Hashgraph Group Invests in AgNext to Bring Hedera DLT to AI-Powered Agritech
UAE-based agritech company AgNext Technologies has secured a strategic investment from The Hashgraph Group (THG), a Swiss firm focused on the Hedera ecosystem. This partnership aims to integrate Hedera's distributed ledger technology (DLT) with AgNext's innovative AI-driven solutions for food quality assessment and traceability, enhancing trust and efficiency in agricultural supply chains.
Tackling Food Waste with AI & Blockchain
A significant portion of global food production is lost or wasted annually, partly due to inefficiencies and lack of transparency in quality assessment throughout the supply chain. AgNext addresses this by using patented AI-powered solutions for instant, on-the-spot analysis, replacing subjective assessments and lengthy lab tests. Their platform aims to bring digitized trust to the global food trade.
Strategic Investment & Hedera Integration
The investment from The Hashgraph Group will enable AgNext to take its platform a step further by integrating Hedera's DLT. This collaboration aims to provide:
Enhanced Traceability: Offering immutable and transparent tracking of food products from farm to fork.
Increased Efficiency: Utilizing self-executing smart contracts to potentially automate and streamline transactions.
Greater Trust: Building confidence among stakeholders through verifiable data on the distributed ledger.
Taranjeet Bhamra, Founder and CEO of AgNext, commented: "We are excited to welcome The Hashgraph Group as a valued partner... With THG's expertise and technology, we are poised to enhance our quality assurance frameworks and create robust transaction assurance systems that will foster transparency and trust..."
Implications for AgriFood Tech
This partnership signifies a key development in applying advanced technologies like AI and DLT to solve real-world problems in the agriculture and food sectors. By combining rapid AI quality assessment with the immutable record-keeping of blockchain (specifically Hedera), AgNext and THG aim to create a powerful tool for improving food safety, reducing waste, and increasing efficiency in complex global supply chains. This could set a precedent for further tech adoption in the sector.
About AgNext Technologies
AgNext Technologies is an internationally recognized agritech company (founded in India, with operations in Abu Dhabi, UAE, USA, Europe) that develops innovative, data-driven solutions for the agricultural value chain. It utilizes AI for rapid, precise, and cost-effective portable food quality assessments. AgNext previously raised a $21 million Series A in 2021, led by Alpha Wave Incubation (backed by DisruptAD/ADQ), establishing its presence in the UAE.
About The Hashgraph Group (THG) & Hedera
The Hashgraph Group (THG), founded in 2023 and based in Switzerland, is a venture capital and technology firm dedicated to fostering the ecosystem around the Hedera network. It invests in sectors like FinTech, AgriTech, CleanTech, Gaming, and EdTech that can leverage Hedera's capabilities. Hedera is a high-performance, secure, and sustainable public, permissioned distributed ledger network governed by a council of leading global institutions, known for its HBAR cryptocurrency and focus on enterprise-grade applications and tokenization.
Looking Ahead
The integration of Hedera DLT into AgNext's platform marks an exciting phase for the agritech company. This strategic investment and technological collaboration aim to deliver enhanced food quality assurance and unparalleled traceability. The success of this integration could significantly impact how trust and efficiency are managed in agricultural supply chains, both within the MENA region and globally.
Source: Zawya