CynLr (Cybernetics Laboratory), a visual robotics platform, has raised $10 million in a funding round led by Pavestone and Athera Venture Partners (formerly Inventus India).
The round also saw participation from existing investors Speciale Invest, Infoedge (Redstart) and others.
The funds will be used for expanding the team and supply chain network, as well as advancing hardware and software capabilities to cut costs and improve customer experience.
The startup has raised $15.2 million in total till now.
Founded in 2019 by Nikhil Ramaswamy and Gokul NA, the deeptech robotics startup simplifies and eliminates the need for tailored machines to handle objects.
“CynLr manages an extensive supply chain of over 400 parts sourced across 14 countries and will expand its manufacturing capacity to achieve the goal of deploying one robot system per day and reach the $22 million revenue milestone by 2027,” said Gokul.
The Bengaluru-based company plans to expand its core team from 60 to 120 members globally. It is aiming to expand its research and software development teams, along with hiring business and operations leaders, and marketing and sales teams across India, the US, and Switzerland.
"This round of investments will help us focus on deeper R&D to build more complex applications and solutions for our customers. The company will simultaneously invest in infrastructure for support, solutions engineering and sales to support this larger vision,” said Ramaswamy.
Commenting on the investment, Sridhar Rampalli, managing partner, Pavestone Capital, said, “CynLr’s concept of a 'Universal Factory' will simplify and eliminate the Minimum Order Quantity bottleneck for manufacturing. Furthermore, the idea of changing automation by simply downloading task recipes from an online platform, makes factories product agnostic, (allowing them to) produce entirely new products out of the same factory at the click of a button. This is the future that we look forward to.”
The round also saw participation from existing investors Speciale Invest, Infoedge (Redstart) and others.
The funds will be used for expanding the team and supply chain network, as well as advancing hardware and software capabilities to cut costs and improve customer experience.
The startup has raised $15.2 million in total till now.
Founded in 2019 by Nikhil Ramaswamy and Gokul NA, the deeptech robotics startup simplifies and eliminates the need for tailored machines to handle objects.
“CynLr manages an extensive supply chain of over 400 parts sourced across 14 countries and will expand its manufacturing capacity to achieve the goal of deploying one robot system per day and reach the $22 million revenue milestone by 2027,” said Gokul.
The Bengaluru-based company plans to expand its core team from 60 to 120 members globally. It is aiming to expand its research and software development teams, along with hiring business and operations leaders, and marketing and sales teams across India, the US, and Switzerland.
"This round of investments will help us focus on deeper R&D to build more complex applications and solutions for our customers. The company will simultaneously invest in infrastructure for support, solutions engineering and sales to support this larger vision,” said Ramaswamy.
Commenting on the investment, Sridhar Rampalli, managing partner, Pavestone Capital, said, “CynLr’s concept of a 'Universal Factory' will simplify and eliminate the Minimum Order Quantity bottleneck for manufacturing. Furthermore, the idea of changing automation by simply downloading task recipes from an online platform, makes factories product agnostic, (allowing them to) produce entirely new products out of the same factory at the click of a button. This is the future that we look forward to.”
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