Elevarm Secures US$4.25 Million in Pre-Series A Funding: DKST ITB Startup Alumni Continues to Innovate in the Agritech Sector

Bandung, dkst.itb.ac.id – Elevarm, an agritech startup from Bandung, Indonesia, recently successfully secured pre-Series A funding of US$4.25 million (around IDR 70 billion). This funding round was led by Intudo Ventures, with participation from previous investors such as Insignia Ventures Partners and 500 Global.

Since its establishment in 2022, Elevarm has been committed to increasing agricultural productivity through the provision of superior seeds, organic fertilizers, and environmentally friendly pest control solutions. The company also developed NextBio, a research and development division focusing on organic agricultural product innovation.

With the support of more than 13,000 partner farmers and 5,000 active farmers, Elevarm has recorded significant revenue growth, increasing sevenfold compared to the previous year. The company plans to triple its production capacity for seeds and organic fertilizers to meet continuously growing demand.

In addition, Elevarm plans to launch more agricultural input products this year, including bio-stimulants and bio-pesticides, to support smallholder farmers who still have difficulty accessing safe financing and best agricultural practices.

This funding will be used to expand production facilities, increase the production capacity of seeds and organic fertilizers, and develop the NextBio initiative to create innovative organic agricultural products. These steps are expected to improve the welfare of smallholder farmers in Indonesia and advance the agricultural industry through innovation and technology.

Elevarm's journey began when it was still named Neurafarm, a startup founded by four multidisciplinary students from the Bandung Institute of Technology (ITB). Neurafarm developed AI technology to diagnose plant diseases through image recognition. During the 2018-2020 period, Neurafarm participated in an incubation program at the Institute for Innovation and Entrepreneurship Development ITB (LPIK ITB), which is now known as the Directorate of Science and Technology Area ITB (DKST ITB).

This program aims to encourage the utilization of research results through entrepreneurship and the development of an innovation ecosystem. During the incubation period, Neurafarm received significant support, including funding from the Ministry of Research, Technology and Higher Education (Kemenristekdikti) through the CPPBT scheme in 2018 and PPBT in 2020. After transforming alongside Bayu Syerli and becoming Elevarm, the company continued to grow and was selected as one of the 35 startups playing a role in building the green economy in Indonesia.

With this latest funding, Elevarm plans to expand its reach and increase its impact in the Indonesian agricultural sector, in line with its vision to empower farmers through technological innovation and sustainable agricultural practices.