Pakistan based agri-tech startup ‘Farmdar’ has just announced the launch of its new fintech venture. What’s unique about this new expansion is the fact that it is based in Brazil; a new industry in a new country, sounds exciting right?
Named ‘AgromAI’, Farmdar’s new fintech startup will utilize artificial intelligence (AI) and geospatial data in order to provide financial services, but how would it do so?
Well, according to Farmdar co-founder and CEO Muzaffar Manghi, Latin America is going through a severe climate change, therefore both rainfall and temperatures are evolving at a massive speed, putting both insurers and agricultural business at risk.
AgromAI, using its geospatial data and artificial intelligence systems, will make sure that financial institutions and insurers can avoid and respond to these risks. Having individual farm-level intelligence, these insurers and institutions will have the best insurance risk management in place, allowing an increased productivity and growth in Brazil’s agricultural sector.
“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 while talking about the new startup.
“We are extremely proud to export our artificial intelligence and data-backed products developed solely by Pakistani engineers. This is a testament to the innovation of Pakistani talent and their potential to make a contribution to the global agritech industry,” said Farmdar in its official press release.
Agriculture makes up for a large part of the Brazilian economy, with the country being the world’s third-largest exporter of agricultural products and an agricultural production valued at $170+ billion, whereas Brazil’s crop insurance market, the primary target for AgromAI, accounts for over $9+ billion annually.
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