Mitti Labs Secures $9.5 Million to Propel Climate Tech Solutions

Mitti Labs, a prominent player in climate tech, has successfully raised $9.5 million in a funding round spearheaded by Aramco Ventures, representing the investment wing of Saudi Aramco. The funding round also saw participation from both existing and new investors, such as Lightspeed India, Godrej Industries Group, Cisco Foundation, Francis Family Fund, and Volta Circle. Previously, the startup garnered $3 million in funding.

Utilising Funds for Expansion

The newly acquired funds will facilitate Mitti Labs in broadening its footprint in India and venturing into the markets of the Philippines and Indonesia, as stated in a press release from the company.

Introduction of Mitti Labs

Founded in 2023 by Devdut Dalal and Xavier Laguarta Soler, Mitti Labs leverages satellite imagery and artificial intelligence to promote water-efficient farming techniques. The company generates carbon credits by confirming emission reductions resulting from these sustainable practices and sells them to businesses aiming for net-zero emissions.

Headquarters and Operations

Mitti Labs is headquartered in both Bengaluru and New York and operates within the AgTech sector, focusing on climate-smart agriculture, digital Measurement, Reporting and Verification (dMRV), and carbon credits. According to the company, it collaborates with tens of thousands of farmers across various Indian states, managing over 70,000 hectares.

Innovative Technology and Impact

Mitti Labs claims that its innovative technology can decrease water usage by as much as 40% and lower methane emissions by nearly 50%. It utilises synthetic aperture radar (SAR) satellite imagery paired with ground-level field measurements to create digital twins of individual rice plots, allowing for precise monitoring and carbon accounting. The company noted that its initiatives in Telangana and Andhra Pradesh have received an ‘A’ rating from Sylvera, a carbon credit ratings agency.