Niqo Robotics (previously TartanSense), an agritech robotics company, has raised Rs 74.7 crore ($9 million) in a new funding round led by Brida Innovation Ventures. The new funding comes after a three-year pause for the Bengaluru-based firm.
According to Entrackr, Niqo Robotics’ board of directors approved a special resolution to issue 8,577 preference shares at a price of Rs 87,090 apiece in order to raise Rs 74.7 crore, according to a regulatory filing obtained from the Registrar of Companies.
Bidra Innovation Ventures invested Rs 41.5 crore in the round, while outgoing investor Omnivore Partners contributed Rs 33.2 crore.
According to startup data intelligence platform TheKredible, the company is valued at roughly Rs 290 crore ($35 million post-money).
Following the new proceeds, Omnivore Partners emerged as the largest external stakeholder, with 25.7%, followed by Brida Innovation and Blume Ventures, who held 18% and 10.7%, respectively. Its sole founder, Jaisimha Rao, owns more than a quarter of the corporation.
Niqo Robotics, founded in 2015 by Jaisimha Rao, focuses on developing tiny agricultural robots equipped with AI-driven computer vision technology that claims to cut expenses and boost profitability.
Last March, the company announced its rebranding as Niqo Robotics.
Niqo Robotics, an India-based deep-tech start-up, has commercialized AI-assisted pesticide spraying, commonly known as spot spraying, for the first time on the continent. The company shipped its flagship AI spot sprayer, Niqo RoboSpray™, across Maharashtra, Andhra Pradesh, and Telangana. This Kharif season, the 50 units deployed sprayed more than 90,000 acres. With an emphasis on cotton and chili crops this season, the company has served over 1800 farmers and saved up to 60% on chemical expenditures by utilizing AI technology.
The company has sent 50 sprayers for Kharif 2023, resulting in up to 60% chemical savings for farmers.
Niqo Robotics has funded $16 million to date, including a $5 million Series A round from FMC, Omnivore, and Blume Ventures in August 2021. In 2019, the company additionally raised $2 million in seed funding, according to Entrackr.
While the company would release its FY24 results later this year, the nine-year-old firm’s Indian entity remained mostly in the pre-revenue stage, with sales of barely Rs 1.3 crore in FY23. At the same time, its losses increased twofold to Rs 9.8 crore in the fiscal year ended March 2023.
