CynLr, a visual robotic platform has raised $4.5 million in a funding round led by Speciale Invest and growX Ventures.
Other institutional investors that participated in the round include Anicut Capital, Infoedge, Java Capital, Venture Catalysts, and Arali Ventures.
CynLr will use the funds to establish its business presence in the US, scale its team to more than 50 members and build capacity to address the current pipeline of customers and deliver 100 robots annually, it said in a statement
Investors such as Srivats Ram, managing director, Wheels India, TVS Group, Shriram Vijayaraghavan, president, Wheels India, TVS Group, Arvind Vasu, former Asia Head, ABB Technology Ventures, Nalin Advani, former chief executive officer, Asia Pacific, GreyOrange Robotics and Jayaram Pillai, former managing director – India, Russia, Arabia, also participated in the round.
Founded by Nikhil Ramaswamy and N. A. Gokul in 2019, the company simplifies and eliminates the need for tailored machines to handle objects.
The inability in adapting to variations has stunted the robot automation market to $48 billion, while global manufacturing alone is a $12.8 trillion industry.
Prior to this round, CynLr had secured seed funding led by Speciale Invest and co-led by Arali Ventures, and the latest development brings the total funding raised by the company to $5.25 million.
Read more on Tech Gist Africa:
Fintech startup iTribe raises $1 million in a funding round
Deep tech SaaS firm Spyne bags $7 million
Direct-to-consumer (D2C) home fragrance and wellness brand Phool.co raises $8 million