Rice, Vegetables, Maize, Fruits
Ricult improves the lives of smallholder farmers in Thailand through a data-driven mobile platform that helps farmers improve farming productivity and reduce cost, resulting in higher income. Leveraging machine learning to model weather forecast, soil data, and satellite imagery, Ricult provides data-driven recommendations and insights to farmers to make the best possible farming decision to increase their income. Ricult technology has been shown to
increase the farmers’ income by over 50% in Thailand. Their model is sustainable and impactful, making the app free for farmers, while using the data to empower different stakeholders such as banks to create farmers credit score and agricultural mills for supply chain monitoring.
Capability and features
Through a smartphone app, farmers can get access to key farming information such as rainfall, temperature, humidity, and sunlight forecasts. Satellite imagery to helps farmers scout for problem in the field , while social forums/chat allows farmers to ask farming/pricing questions of agronomists and other farmers.
Extension workers use the Ricult dashboard and management system to manage and monitor farmers and keep track of farmers’ data. They also receive agronomic tips & weather forecast that can be passed on to farmers.
Lenders benefit from the risk monitoring and credit score features, based on the data that farmers input and weather forecast that can have huge effect on potential crop yield. This helps lenders identify a farmers’ ability to repay a loan, as well as seeing an aggregated overview of the farmers in the portfolio. Once high risk farmers are identified, field agents can be sent to offer assistance.
Progress to date
Ricult has been awarded the best Agricultural Tech in Thailand by the Royal Thai Government,
been named the best Social Enterprise in Southeast Asia and Oceania in the Global Social Venture Competition, won the Fintech Disrupt Challenge organized by Bill & Melinda Gates Foundation, and awarded Innovative Agribusiness by United Nations Industrial Developmental Organization.
Over 10,000 farmers have used the platform, and Ricult has partnerships with large banks, telecommunications companies, and a range of large agricultural institutions.
Ricult’s next step is to open the platform to all of Thailand and Pakistan.
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