Ricult Inc. (“Ricult”), an AgriTech startup, has successfully concluded a Pre-Series A fundraising round which attracted the attention of Sojitz Corporation, one of the leading conglomerates from Japan, and elea Foundation, an impact investment firm from Switzerland. This is an additional investment to earlier investment from Bualuang Ventures Company Limited, a subsidiary of Bangkok Bank Public Company Limited, and Krungsri Finnovate Company Limited, a subsidiary of Bank of Ayudhya Public Company Limited. Ricult raised $3.5 million in this round, bringing the total amount raised to close to $6 million. With this investment, Ricult will use the funds to expand its presence in the Thai and Pakistan markets and further develop its products to be able to meet more diverse needs and meet the UN Sustainable Development Goals.

Mr. Aukrit Unahalekhaka, Co-Founder & CEO (Thailand) of Ricult, said the company had launched its fundraising session to raise money to support their market expansion and product development. Ricult is a pioneer in the development of agricultural technology in Thailand by combining in-depth expertise in weather analysis, satellite technology, and crop modelling to develop a data platform to help farmers and agribusinesses better manage the supply chain. For example, farmers can increase their farms productivity, banks can effectively provide affordable loans to farmers, insurers could calculate future crop loss liabilities more accurately, and commodity traders could use similar data to obtain a competitive advantage.

Despite the fact that agriculture employs over 40% of Thailand's labor force, according to UN data, agriculture only accounts for 9% of the countries' GDP. Unfortunately, farmers are among the poorest in the country, with an average annual income well below the poverty line. These farmers are essential in producing food to sustain regional food systems, which is especially important during the global pandemic crisis.

Ricult uses Deep Tech, AI and Machine Learning to help process and manage agricultural work with efficiency and accuracy, with an aim to improve the quality of life of Thai farmers and the sustainability of the food system. Simultaneously, it aspires to boost the competitiveness of Thailand's multibillion-dollar agriculture industry while creating business models that can be expanded to overseas markets going forward. Ricult is recognized as a startup that benefits society by assisting farmers in increasing their revenue and farming productivity by at least 20%.

Mr. Aukrit said, "In addition to business, we want to create a platform that can leverage technology to help people in society, especially farmers who are the backbone of our country. I want to utilize digital technology to help Thailand achieve UN SDG goals. Often, many farmers are still using traditional farming methods where it is impossible to assess productivity or various environmental factors. Ricult data platform will bring in efficiency and transparency into the agricultural value chain and will benefit various stakeholders.”

Ricult currently has over 400,000 Thai farmers and 500,000 global farmers on its platform, with the number of Thai farmers expected to reach 1 million and those worldwide to reach 4 million in the next two years. In addition, it also creates business models which can scale up and expand into neighboring countries such as Laos, Vietnam and Indonesia. Several of Thailand's most well-known agricultural enterprises have agreed to use Ricult's services, particularly in the sugarcane and cassava industries, where over $300 million in crop value are flowing on the platform.

The success of Ricult has stemmed mainly from the gathering of tech talents in Thailand and worldwide to build and manage a modern platform with in-depth data analysis capability. This will lead to knowledge transfer and enhance Thailand’s competitiveness in the future.

Ricult was founded in 2016 by four entrepreneurs who graduated from the Massachusetts Institute of Technology (MIT). It received seed round funds from angel investors and venture capitals including the Bill and Melinda Gates Foundation. Ricult is currently a growing startup, expanding its market (Pre-Series A) and expecting to raise additional funds in 2022 (Series A).