Bandung,dkst.itb.ac.id- Elevarm, a Bduk agrirech startup, Indonesia, recently secured the funding of pre-Series A for US $4.25 million. This funding loop is led by Intudo Ventures, with participation from previous investors such as Insignia Ventures Partners and 500 Global.
Since it was founded in 2022, Elevarm was committed to increasing agricultural productivity through the provision of superior seeds, organic fertilizer, and environmental pest control solutions. It also developed NextBio, a division of research and development that focuses on the innovation of organic agricultural products.
With the support of over 13,000 farmer partners and 5,000 active farmers, Elevarm has recorded significant income growth, increasing seven times over the previous year. The company plans to increase the production capacity of seed and organic fertilizer tripled to meet its continued demand.
In addition, Elevarm plans to launch more industrial input products this year, including biostimulant and bio-pesticide, to support small farmers who are still having trouble accessing safe funding and best agricultural practices.
This fund will be used to expand production facilities, improve the capacity for seed production and organic fertilizer, and develop NextBio initiative to create innovative organic agricultural products. These steps are expected to improve the welfare of small farmers in Indonesia and advance the agricultural industry through innovation and technology.
Elevarm's journey began at a time called Neuurafarm, a startup founded by four multidisciplinary students at the University of Technology Institute (ITB). Neurafarm developed AI technology to diagnose plant disease through image recognition. During the 2018-2020 period, the Neuurfarm went to the Incubated Development Institute of Innovation and Education ITB (LPIC ITB), which is now known as the IPIC Science and Technology Directorate.
The program aims to encourage the utilization of research through entrepreneurship and development of ecosystem innovation. During the incubation period, Neurafarm had significant support, including funding from the Ministry of Investigation through CPPBT schemes in 2018 and PBT in 2020. After transforming with Bayu Syerli and becoming Elevarm, the company continued to grow and was selected as one of the 35 startup who played in the development of the green economy in Indonesia.
With this latest funding, Elevarm plans to expand its reach and increase its impact in the Indonesian agricultural sector, along with their vision of empowering farmers through sustainable technological innovation and agricultural practices.
