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Niqo Robotics raises $13 Mn in Series B round to scale globally

EntrackrEntrackr · 1y ago
Niqo Robotics raises $13 Mn in Series B round to scale globally
Medial

Agritech robotics firm Niqo Robotics (formerly TartanSense) on Tuesday announced that it has raised $13 million in a Series B round led by Brida Innovation Ventures. The round also saw significant investments from new investor Fulcrum Global Capital and existing investor Omnivore. This brings Niqo’s total fundraising to $21 million including a $5 million in Series A round from FMC, Omnivore, and Blume Ventures in August 2021 and a $2 million Seed round in 2019. Entrackr exclusively reported about the deal on May 1. Niqo will expand to new markets and accelerate the commercial adoption of spot spray, globally, according to Jaisimha Rao, founder and CEO of the company. Niqo Robotics specializes in crafting compact agricultural robots empowered with AI-driven computer vision technology which claims to reduce costs and increase profitability. It uses a proprietary AI camera with deep learning models to identify and selectively spray on target plants, reducing chemical usage by up to 90%. In 2023-24, Niqo claims to commercialize over 90,000 acres of land and benefiting over 1,800 farmers. While the company is yet to disclose audited FY24 numbers, the nine-year-old firm’s Indian entity largely remained in pre-revenue stage with a revenue of only Rs 1.3 crore during FY23. At the same time, its losses surged 2X to Rs 9.8 crore. As of the latest tranche, Omnivore Partners was the largest external stakeholder in Niqo with 25.7% followed by Brida Innovation and Blume Ventures which commanded 18% and 10.7%, respectively. Check TheKredible for more details. It competes with Zenrobotics, SwarmFarm, and Ecorobotis, among others.

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Exclusive: Niqo Robotics raises $9 Mn in a new round

EntrackrEntrackr · 1y ago
Exclusive: Niqo Robotics raises $9 Mn in a new round
Medial

Agritech robotics firm Niqo Robotics (formerly TartanSense) has raised Rs 74.7 crore or $9 million in a new round led by Brida Innovation Ventures. The fresh funding comes after a hiatus of three years for the Bengaluru-based company. The board of Niqo Robotics has passed a special resolution to issue 8,577 preference shares at a price of Rs 87,090 each to raise Rs 74.7 crore, its regulatory filing accessed from the Registrar of Companies shows. Bidra Innovation Ventures pumped in Rs 41.5 crore while exiting investor Omnivore Partners also subscribed to the round with Rs 33.2 crore. As per startup data intelligence platform TheKredible, the company has been valued at around Rs 290 crore or $35 million (post-money) Following the fresh proceeds, Omnivore Partners emerged as the largest external stakeholder with 25.7% followed by Brida Innovation and Blume Ventures which commanded 18% and 10.7%, respectively. Its sole founder Jaisimha Rao holds more than a quarter of the company. See TheKredible for the complete shareholding pattern. Founded in 2015 by Jaisimha Rao, Niqo Robotics specializes in crafting compact agricultural robots empowered with AI-driven computer vision technology which claims to reduce costs and increase profitability. The company announced its rebranding to Niqo Robotics in March last year. Niqo Robotics has raised $16 million to date including its $5 million in Series A round from FMC, Omnivore, and Blume Ventures in August 2021. The firm also scored a $2 million Seed round in 2019. While the company would disclose its FY24 numbers later this year, the nine-year-old firm’s Indian entity largely remained in pre-revenue stage with a revenue of only Rs 1.3 crore during FY23. At the same time, its losses spiked twofolds to Rs 9.8 crore in the fiscal year ending March 2023.

Dogsee Chew raises $8 Mn in Series B round

EntrackrEntrackr · 4m ago
Dogsee Chew raises $8 Mn in Series B round
Medial

Dogsee Chew raises $8 Mn in Series B round Natural pet treat brand Dogsee Chew has raised $8 million in its Series B round led by Ektha.com, with participation from promoters, Shivanssh Holdings, and Poddar Family Office. The brand has raised a total of $22 million in funding to date, including the current round. In January 2022, the startup raised $6.7 million in its Series A round, led by Mankind Pharma, along with existing investor Sixth Sense Ventures. The new funds will be used to scale up manufacturing capabilities by expanding existing factories and constructing a new production facility. The company also plans to strengthen its Amazon Global Selling strategy to drive growth in international markets and expand further into the United States and Canada in 2025. Founded in 2015 by husband-wife duo Bhupendra Khanal and Sneh Sharma, Dogsee Chew now has a presence in more than 30 countries. The startup claims to offer 100 percent vegetarian dog treats that are all-natural, human-grade, and protein-rich. "With the premiumization of the pet food category on the rise, the demand for our human-grade chews is exploding. This investment ensures we are well-prepared to meet this demand by scaling production and expanding our presence globally. To make our products more accessible, we also plan to open distribution hubs in key international markets, allowing our retail partners to seamlessly access Dogsee Chews with shorter lead times,” said Bhupendra Khanal. According to data intelligence platform TheKredible, Dogsee Chew’s revenue in FY24 stood at Rs 53.76 crore, compared to Rs 98 crore in FY23. The firm reported an almost flat loss of Rs 27.73 crore in the last financial year. The Bengaluru-based startup competes with brands such as Khanal Foods, Captain Zack, Fidele Dog Food, and others in the pet care segment.

Exclusive: Miko raises fresh capital at over $200 Mn valuation

EntrackrEntrackr · 10m ago
Exclusive: Miko raises fresh capital at over $200 Mn valuation
Medial

Robotics firm Miko, a product of Emotix, has raised Rs 20.5 crore (approximately $2.5 million) in a new round from a group of angel investors. This fresh equity infusion comes after a two-year hiatus for the Mumbai-based company. The board at Miko has passed a special resolution to issue 679 Series C CCPS at an issue price of Rs 3,02,695 each to raise Rs 20.55 crore or $2.5 million, its regulatory filing accessed from the Registrar of Companies shows. Moneycrew Fintech injected Rs 4.5 crore while the rest of the sum was poured in by angel investors including Amrapali B Doshi, Sanjiv Sarita, Amit Jain, Satyam Sinha, Inderjit Kaur Arora, and others. According to TheKredible’s estimates, the company has been valued at around Rs 1,711 crore or $206 million post-allotment. This is a 2.3X jump in the valuation as compared to its last equity round. Miko creates emotionally intelligent robots that leverage artificial intelligence and the Internet of Things (IoT) in developing its flagship brands Miko, Miko 2 and Miko 3. After the success of its first-generation robots, the company launched an advanced version that uses voice-recognition technology to see, hear, sense, express, talk, and recognize faces. Miko has raised over $60 million to date including its $29 million Series B round led by Ivycap Ventures in 2021. According to the startup data intelligence platform TheKredible, prior to this round Chiratae Ventures was the largest external stakeholder with 13.77% followed by IvyCap Ventures with 13%. See TheKredible for the complete shareholding pattern. The Chiratae-backed startup showcased impressive 2.3X growth to Rs 225 crore in FY23 from Rs 95 crore in FY22. However, the bottom of the company stood at Rs 108 crore in FY23. Miko is yet to file annual results for FY24.

B2B robotics maker Haber raises $44 Mn in Series C round

EntrackrEntrackr · 7m ago
B2B robotics maker Haber raises $44 Mn in Series C round
Medial

Industrial robotics maker Haber has raised $44 million in its Series C round led by Creaegis, BEENEXT, and Accel. The round comprised $38 million in equity and $6 million in debt. Entrackr had exclusively reported the Series C round in October. The proceeds will be used to scale its operations internationally, particularly in the US, to serve the demand for AI-led industrial automation solutions. Founded by Raghavan, Arjunan PN, and Priya Venkat, Haber develops AI-powered industrial robots that automate labor-intensive tasks like sample collection, measurement, analysis, and intervention in factories. According to its website, Haber helps industries reduce chemical consumption as well as energy and water usage across sectors such as food and beverages, agriculture, and oil and gas. The company has raised over $70 million to date, including a $20 million Series B round led by Ascent Capital with participation from Accel, Elevation, and Beenext in November 2021. Accel is the largest external stakeholder with an 18.1% stake, followed by Creaegis and Elevation. Head to TheKredible for the complete shareholding breakup. While FY24 numbers are yet to be disclosed, Haber reported a total revenue of Rs 82 crore and a loss of Rs 36.7 crore in FY23. It directly competes with Prosus-backed Detect Technologies, Altizon, and Fero Labs, among others. Haber counts ITC, Aditya Birla, and Tata Steel among its clientele. Some of its portfolio includes automation services for chemical dosing across different applications, including sugar mills, distilleries, paper mills, breweries, independent institutions, and mining operations.

Chef Robotics raises $43.1 Mn led by Avataar Ventures

EntrackrEntrackr · 3m ago
Chef Robotics raises $43.1 Mn led by Avataar Ventures
Medial

Chef Robotics, creators of AI-enabled robotic systems for meal assembly, has raised $43.1 million in new Series A funding, including $20.6 million in equity and $22.5 million in equipment financing debt. The equity round was led by Avataar Ventures and included investments from Construct Capital, Bloomberg Beta, Promus Ventures, MFV Partners, Interwoven Ventures, HCVC, MaC Venture Capital, Red and Blue Ventures, Tau Partners, Alumni Ventures, Siddhi Capital, and BOLD Capital Partners. The funding round will allow Chef to accelerate production deployments of its robotic systems, providing momentum for the real-world AI data engine flywheel that the company credits for its rapid growth rate of meals produced. The debt will be used to finance Chef's robotic systems for Robotics-as-a-Service (RaaS), ensuring that Chef's customers do not have to front CapEx for their robots. The new funding brings Chef's total capital raised to $65.6 million, which includes $26.75 million in equipment financing, all with Silicon Valley Bank, a division of First Citizens Bank. Chef claims to have produced over 44 million servings through robot deployments at brands such as Amy's Kitchen, Sunbasket, Chef Bombay, and Cafe Spice. The data collected from each meal assembled is used to train its AI models. "Robotics is really having a moment right now. The innovations in AI have unlocked the potential of Embodied AI for robotics. We believe we're in the pole position to scale, given all the real-world production training data we already have," says Rajat Bhageria, Founder and CEO of Chef Robotics.

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