We are discussing NIQO ROBOTICS, Bengaluru Startup, Secured $13 Million in Series B Funding:
Niqo Robotics is a Bengaluru-based agri-tech company that aims to help the agriculture sector with AI-powered solutions. This startup has secured $13 million in a series B round led by Brida Innovation Ventures. Omnivore, the company’s existing investor, and Fulcrum Global Capital, a new investor, participated in the funding round. Here we are talking about NIQO ROBOTICS, Bengaluru Startup, Secured $13 Million in Series B Funding.
The startup had a $2 million seed fund in 2019 and $5 million in a series A round led by investment from Omnivore, FMC, and Blue Ventures in August 2021. With the funding of this series B round, the startup now has an overall funding of $21 million. The CEO and founder of the startup, Jaisimha Rao, said that with the fund, Niqo plans to expand into new markets and accelerate the commercial adoption of spot spray globally.
Niqo Robotics specializes in crafting compact agricultural robots with AI-driven computer vision technology, which reduces costs and increases profitability. They use a proprietary AI camera with deep learning models to identify and spray on plants selectively, helping to reduce chemical usage by up to 90%. Niqo commercialized over 90,000 acres of land that benefited over 1800 farmers.
In FY23, this startup reported revenue of Rs 1.3 crore. At the same time, it faced a loss of Rs 9.8 crore. At present, Omnivore Partners is the largest stakeholder of this startup, with 25%, followed by Brida Innovation at 18% and Blume Ventures at 10%. The growing agri-tech sector in India presents numerous opportunities for Niqo to further enhance the agricultural landscape, contributing to the sector’s ongoing growth and innovation.
This Bengaluru-based startup will be giving competition to Zenrobotics, Ecorobotis, and SwarmFarm. Niqo Robotics was founded in 2015 by Jaisimha Rao, and it specializes in crafting compact agricultural robots powered by AI-driven computer vision technology to reduce costs and increase profitability. According to the Economic Times, in 2021, the GDP data showed that agriculture was the only sector that recorded growth. Report. This Agri-tech startup uses AI-driven technology to
help Farmers. According to reports, India has seen a rapid increase in agri-tech. This sector has opened various market opportunities for farmers in the country.
FAQ’s
What sets NIQO ROBOTICS apart from its competitors?
NIQO ROBOTICS distinguishes itself through its relentless focus on innovation. It leverages cutting-edge technologies to develop highly advanced robotics solutions that address specific industry challenges with precision and efficiency.
How will NIQO utilize the $13 million raised in the Series B round?
The funds raised will primarily be used to accelerate research and development initiatives, expand product offerings, scale operations, hire top talent, and enhance customer support capabilities.
What industries does NIQO ROBOTICS cater to?
NIQO ROBOTICS serves various industries, including manufacturing, logistics, healthcare, agriculture, and more, by offering tailored robotics solutions designed to optimize processes and drive business growth.
What is NIQO’s long-term vision for the future of robotics?
NIQO envisions a future where robotics plays a pivotal role in transforming industries, driving innovation, and improving lives. The company is committed to advancing the field of robotics through continuous innovation and collaboration.
How does NIQO ROBOTICS prioritize ethical considerations in its development of robotics solutions?
NIQO ROBOTICS places a strong emphasis on ethical considerations in its development process, ensuring that its robotics solutions are designed and deployed in a manner that prioritizes safety, reliability, and societal benefit.
Conclusion
Niqo Robotics is a Bengaluru-based agri-tech aiming to help the agriculture sector with AI-powered solutions. This startup has secured $13 million in a series B round led by Brida Innovation Ventures. The funding round had participation from its existing investor, Omnivore, and a new investor, Fulcrum Global Capital. This funding brings Niqo’s total fund raised to $21 million. With the new funding, Niqo plans to expand into new markets and accelerate the global adoption of its spot spray technology.
This Bengaluru-based startup will be giving competition to Zenrobotics, Ecorobotis, and SwarmFarm. At present, the largest stakeholder of this startup is Omnivore Partners, with 25%, followed by Brida Innovation at 18% and Blume Ventures at 10%. The growing agri-tech sector in India presents numerous opportunities for Niqo to further enhance the agricultural landscape, contributing to the sector’s ongoing growth and innovation.
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