Islamabad: Farmdar, an AI-driven agritech startup based in Pakistan, has garnered pre-Series A investment led by Silicon Valley's Moment Ventures, enhancing its capabilities to boost agricultural productivity. The funding marks a significant development as it represents the first Silicon Valley-led investment in a Pakistani startup this year.
According to Zameen.Com, the investment round also saw participation from existing investor Indus Valley Capital. This influx of capital is set to strengthen Farmdar's leadership in the Pakistani market and spur its expansion across Southeast Asia. Co-founder Muhammed Bukhari emphasized the impact of the new funds, particularly in tackling agricultural challenges exacerbated by climate change. “Agriculture is facing unprecedented climate challenges. This investment allows us to further enhance climate adaptation in Pakistan and accelerate our growth in some of Southeast Asia’s vital agricultural markets,” Bukhari stated.
Since launching in 2021, Farmdar has achieved significant milestones, covering over 350 million acres globally and aiding over 200,000 farmers with precision agriculture solutions. The startup utilizes satellite technology and AI to optimize farming operations and improve crop yields, contributing to regional food security and sustainability.
Ammar Hanafi, Managing Director of Moment Ventures, praised Farmdar's innovative approach, remarking, “Farmdar has built an exceptional product using satellite technology and proprietary data combined with AI. We see immense potential for its application not just in Pakistan but throughout Southeast Asia, and we are thrilled to be part of this transformative journey.”