Haber is a robotics startup offering manufacturing process analytics solutions for industrial sectors that has secured Rs 317.2 crore in its ongoing series C funding round. Creaegis led the funding round with Accel India and Beenext Capital.
The existing investor Creaegis led the round with Rs 200.35 crore followed by Beenext Capital with Rs 83.5 crore and the remaining investment of Rs 33.4 crore came from Accel. This is the first funding round for the company in the past three years.
The board has approved a special resolution to allot 457,572 series C preference shares and 100 equity shares at an issue price to raise 38 million USD. According to the company filing, the startup will use these fresh proceeds to scale its operations, growth, meet working capital purposes, and company expansion. The company develops artificial intelligence-based industrial robots.
The firm offers AI and IoT-based automation platforms for industrial applications. The startup provides tools to collect data through sensors placed in monitors for mechanical, plant, chemical, and operational parameters. This investment shows investors trust in Haber’s market potential and business model.
The company has secured around $65 million across multiple funding rounds since its inception, including $20 million raised from Accel and Beenext capital during its series B funding round. After this round, the existing investor Accel holds the largest external stake with 18.1 percent followed by Creaegis and Elevation.
The startup data intelligence platform, thekredible mentioned the company’s post-money valuation to be around Rs 1,242 crore. The startup faces competition from other companies offering solutions for industrial sectors such as Detect Technologies, Fero Labs, Altizon, and FICO.
Haber reported its total revenue to be around Rs 82 crore in FY243. The net loss stood at Rs 36.7 crore in the same duration. The company plans to control its losses by reducing its employee benefits and operating expenses. The Pune-based startup intends to use some of this investment to expand its services and increase its team.
The robotics firm claims to help industries in reducing chemical consumption, energy, and water usage. The company offers its solutions across various sectors including agriculture, oil, gas, beverages, and agriculture. The development came just after the Industrial robotics sector saw increased investor interest. The company offers the best industrial solutions to its clients.
Conclusion :
Haber is a Pune-based industrial robotics startup that provides manufacturing process analytics and industrial solutions like paper packaging. The startup got fresh capital of $38 million from Creaegis and other investors. This was the new funding round for the firm after a three-year gap. The funding round had participation from other investors including Beenext Capital and Accel India.
The board passed a resolution to issue 457,572 series C preference shares and 100 equity shares to raise Rs 317.2 crore. The company plans to use this amount to scale up its operations, expand its services, enhance its performance capability, and meet other capital requirements. After this round, the existing investor Accel holds the largest external stake with 18.1 percent.
image source: inc42
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