Pakistan-based agri-tech startup Farmdar has announced the launch of its new fintech venture, AgromAI, in Brazil. The expansion of its venture Farmdar into a new industry in a different country is expected to bring exciting possibilities for both the startup and the agricultural sector in Brazil. “We are thrilled to announce the launch of AgromAI, a fintech venture in Brazil, by Farmdar,” reads the tweet.
We are thrilled to announce the launch of AgromAI, a fintech venture in Brazil, by Farmdar.
AgromAI will harness the power of artificial intelligence (AI) and geospatial data to revolutionize agricultural financial solutions in Brazil.
— Farmdar (@FarmdarOfficial) July 5, 2023
AgromAI’s, Startup by Farmdar, Innovative Approach to Financial Services
AgromAI, the newly launched fintech startup by Farmdar, aims to revolutionize financial services in the agricultural sector through the use of artificial intelligence (AI) and geospatial data. The startup recognizes the challenges posed by climate change in Latin America, where rapid changes in rainfall patterns and temperatures put insurers and agricultural businesses at risk.
By leveraging geospatial data and AI systems, AgromAI provides financial institutions and insurers with individual farm-level intelligence; this enables them to effectively mitigate and respond to risks, ensuring robust insurance risk management. With enhanced risk management strategies, agricultural businesses can achieve increased productivity and growth in Brazil’s agricultural sector.
Pakistani Innovation Expands to Global Markets
CEO Muzaffar Manghi expressed pride in exporting Pakistani technology and products developed by local engineers. The launch of AgromAI in Brazil demonstrates the potential of Pakistani talent and their ability to contribute to the global agritech industry. Farmdar sees this expansion as an opportunity to showcase the innovation and capabilities of Pakistani engineers in the international market. “Pakistani technology will be used by some of the largest businesses in the world, and with more developed markets as a stomping ground,” said CEO Muzaffar Manghi.
Brazil’s agricultural sector holds immense economic significance, being the world’s third-largest exporter of agricultural products. The country’s agricultural production is valued at over $170 billion. The crop insurance market in Brazil, which AgromAI primarily targets, is valued at more than $9 billion annually. This presents a significant opportunity for AgromAI to make a positive impact on the agricultural industry in Brazil.