Blockchain-Powered Agritech Startup TraceX Raises $1M in Funding
India-based startup TraceX Technologies has raised $1 million in pre-series A funding led by NABARD backed NABVENTURES Fund. The round also saw participation from Paipal Ventures, an early-stage family office investment fund, and from angel investor Sunil Kumar.
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 building high-performance teams across functions.
TraceX technologies founded in 2019 by Srivatsa Sreenivasarao and Anil Nadig, harnesses the power of blockchain technology to build clean, transparent, and traceable supply chains across the food and agriculture ecosystem.
TraceX is a next-generation digital agriculture platform that leverages blockchain to connect multiple participants across the food and Agri supply chain and help them securely exchange verifiable and auditable data leading to mutual trust, accountability, traceability, and transparency amongst the participating actors.
TraceX’s SaaS platform integrates with the existing digital infrastructure in the supply chains and brings all the stakeholders onto the blockchain network, ensuring a single source of truth from farm to fork. In addition to food safety and operational efficiency, TraceX also helps companies build sustainable supply chains for the future.
TraceX was founded with an aim to create connected and traceable supply chains to provide accountability and transparency for every stakeholder in the supply chain. In addition to building trust among consumers, TraceX also offers a significant value add to farmers and food and agribusinesses. For farmers, it helps boost productivity, improve market linkages and enhance the quality of the produce. On the other hand, it helps food companies conform to regulatory compliances, reduce losses due to wastage, better inventory management, and timely product recalls in case of contamination.
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