Image processing startup Terraview has scooped up $815,000 (about Rs 5.8 crore) in funding that has been led by clutch of high-profile investors, including, Kalyan Krishnamurthy, group chief executive of Flipkart and Binny Bansal, the co-founder of the domestic online retail giant.
Other investors, who have also put in money into the Singapore-based startup in its Series A round of funding, include, Sujeet Kumar, co-founder of Udaan, Tanglin Venture Partners, Ankit Nagori, co-founder of food, fitness and wellness company CureFit and Abhishek Sharma, chief operating officer of restaurant technology solutions company Dineout.
Founded in 2019 by Prateek Srivastava and Piyush Harsh, Terraview, a SaaS platform, claims to be the world’s first image processing startup focused on vineyards, particularly those in Europe. It uses advanced image processing, machine learning, AI and augmented reality, in the process, assisting vineyards to get a real time pulse of their land and produce, according to an official statement released by the company on Friday.
“Viticulture globally is at an inflection point. The demand for wine is at a high and it will continue to grow over the next decade. The current global Wine market is a little over $300 billion and is expected to touch $400 billion-plus by 2020. With changing weather pattern and this unprecedented global demand, optimising for quality to produce better and driving efficiency to produce higher volumes are going to be significantly important for the future and Terraview is solving for this global need,” Srivastava said.
The startup will use the proceeds from the funding round going deep in solving complex problems of fungal disease, bacterial infection, soil hydration, canopy cover and weather assessment using proprietary technology, the official statement said.
This is the second startup for both, Srivastava and Harsh. Srivastava had earlier founded executive search form Basil Advisors, while Harsh, an IIT Roorkee and University of Florida alum, had co-founded and led Zurich-based Cyclops Labs.
Terraview, which deploys drones to capture high-quality images, and processes the same using its proprietary algorithm, is currently live in Spain, and expects to begin operations Italy and France over the course of the next few months.
According to the official statement, the startup currently has teams working across Zurich, Madrid, Moscow, Toronto and Florida.