Haber, a B2B robotics manufacturer specializing in AI-driven industrial automation, closes $44 million in series C funding. Led by the significant investors Creaegis, BEENEXT, and Accel, the round is $38 million in equity, with $6 million in debt. This funding marks another step in the growing interest in automation technologies, especially areas where efficiency is increasing while cost concerns are decreasing.
PC: India TechDesk
Founded by Raghavan, Arjunan PN, and Priya Venkat, Haber focuses on developing advanced industrial robots capable of automating the labor-intensive tasks of collecting samples, measurement, analysis, and intervention within factory settings. The company’s innovations are designed to help the industries significantly reduce their chemical consumptions, energy usage, and water requirements. This serves not only sustainability but improves operational efficiency in sectors such as food and beverages, agriculture, and oil and gas.
Proceeds from this round of fundraising will be used primarily to scale operationally in international markets – first, in the U.S. Haber intends to capitalize on the increasing growth in demand for AI-led solutions for industrial automation by greatly expanding its market reach into new markets. The aim is to offer the latest technology consistent with the broader trend in the overall industry towards automation as a search for productivity and process effectiveness improvements.
Haber already has a well-built base in the robotics space; so far, it raised more than $70 million. Recently, it brought on a $20 million Series B in November 2021 with Ascent Capital, participating alongside Accel, Elevation, and BEENEXT. External investors hold majority control, but at 18.1% stake, is the biggest single external shareowner Accel; Creaegis and Elevation follow.
Financially, though FY24 numbers are not out yet, Haber has reported a revenue of ₹82 crore and ₹36.7 crore losses in FY23. In essence, the company’s upward growth curve is driven by its automation solutions, thereby hinting at the loss as part of the trend, albeit on the negatives side. Haber will compete in the same space with notable companies such as those backed by Prosus, Altizon, and Fero Labs, but stands out distinctly as an important emerging player in industrial robotics.
The company counts a few industry leaders like ITC, Aditya Birla Group, and Tata Steel as its clients. This speaks half the story regarding the amount of credibility the company has generated in the market. It offers chemical dosing automation service usage by different types of industries such as sugar mills, distilleries, paper mills, breweries, mining operations, among others.
This successfully executes the funding round, which brings much-needed capital for Haber to achieve all planned growth, while investors reaffirm their confidence in this firm’s vision as well as its technological expertise in helping their businesses thrive, going about their day amidst constant automations happening within respective economies and industries.
Therefore, in the latest series C funding, Haber reached a very important milestone with $44 million of funding to carry on its leadership position in industrial robotics. At this stage, the company is on the verge of taking shape in the future of automation in various sectors that are supported by AI. Therefore, demand for efficient and sustainable solutions will go high, and the technology as well as expertise Haber brings in will be very crucial for the achievement of the operational goals for the industries.
