Zurich, Switzerland – On April 7, The Hashgraph Group (THG), a Swiss global enterprise and venture capital firm focused on the Hedera ecosystem, announced a significant investment in AgNext Technologies, an innovative agritech company committed to advancing food quality and transparency. AgNext operates in various regions, including India, Europe, the Middle East, and the USA, utilizing AI-driven quality evaluation and blockchain technology to improve food safety and operational efficiency throughout the supply chain.
With this investment, THG becomes part of AgNext’s recent funding round, which was primarily led by Novo Holdings, a Danish investment firm managing over US$150 billion in assets on behalf of the Novo Nordisk Foundation.
Each year, roughly one-third of food intended for human consumption is lost or wasted, resulting in dire environmental, economic, and social repercussions. This not only deepens food insecurity but also plays a role in greenhouse gas emissions and resource waste. According to the Boston Consulting Group, global food waste amounts to approximately $230 billion annually.
Conventional quality control methods are often slow, prone to errors, and costly, leading to product recalls and decreased consumer trust. AgNext addresses these issues with its patented AI solutions, which provide immediate on-site analysis, eliminating the delays and subjectivity associated with traditional methods. This innovation infuses digital trust into global food supply chains.
As a result of THG's investment, AgNext plans to incorporate Hedera’s advanced distributed ledger technology (DLT) into its quality assurance and traceability systems. This integration promises 100% traceability and transparency, supported by immutable records and efficient smart contracts that reduce the need for multiple intermediaries in supply chains, thereby lowering costs. Hedera is recognized for its scalability, cost efficiency, and reduced environmental impact, making it ideal for food-related supply chains.
Taranjeet Bhamra, Founder and CEO of AgNext, expressed enthusiasm for the partnership: “We are thrilled to have The Hashgraph Group join us as a strategic partner in our endeavor to transform food supply chains. With THG's technological expertise, we can enhance our quality assurance systems and develop robust transaction-assurance frameworks that promote transparency and trust in the agriculture and food sectors globally. This collaboration is a crucial milestone in delivering innovative solutions to our customers.”
THG and AgNext will also engage in joint market initiatives, including co-branded, Hedera-powered devices available globally through a new Web3-focused joint venture based in Switzerland.
Stefan Deiss, Co-Founder & CEO of The Hashgraph Group, remarked, “THG brings significant expertise in crafting and implementing enterprise-level solutions on the Hedera network, enabled by our skilled, certified engineers. With this strategic co-investment alongside Novo Holdings, we are excited to embark on a tech-empowerment journey with AgNext, merging AI with Blockchain/DLT to offer advanced AgriTech solutions in the Web3 landscape.”
Hedera's unique Hashgraph consensus mechanism provides unparalleled speed, security, and scalability. It operates with low, predictable fees and boasts a carbon-negative footprint. Governed by over 30 prominent organizations such as Google, Dell, and IBM, Hedera offers a trusted, quantum-resistant framework for businesses globally.
Anindya Roychowdhury, Head of Global Partnerships at The Hashgraph Group, added, “I have been closely monitoring AgNext’s impressive trajectory since its founding. I am excited about THG partnering with them to leverage Hedera as the backbone of their assurance and traceability systems. With Taranjeet’s bold vision and the potential of Hedera, we are committed to developing world-class, Web3-capable solutions for the AgriTech sector.”
Since its Series A funding of $21 million in 2021, primarily from Alpha Wave Incubation (AWI), AgNext has expanded by opening its first international office in Abu Dhabi, UAE. AWI, which is supported by DisruptAD, acts as the venture capital arm of Abu Dhabi's sovereign wealth fund, ADQ. This investment highlights AgNext’s unique capability to digitize quality-based food trading in the MENA region through its innovative technologies.
