[Funding alert] Robotics deep tech startup CynLr raises Rs 5.5 Cr from Speciale Invest, Arali Ventures, others
CynLr, a Bengaluru-based robotics deep tech startup building visual object intelligence for industrial robots, on Tuesday announced that it had raised seed funding of Rs 5.5 crore, led by Speciale Invest and Arali Ventures. GrowX Ventures, CIIE Initiatives (the technology business incubator of IIM-Ahmedabad), and renowned value investor Dr Vijay Kedia also participated in the round.
Owned and operated by Vyuti Systems Pvt Ltd, CynLr aims to use the funds for further product research and development, and to drive adoption.
Commenting on the investment, Vishesh Rajaram, Managing Partner at Speciale Invest, said,
“We believe Vyuti is poised to become the brain and eye for every robotic hand, which would allow it to pick, orient, and place items as reliably as humans, a development that could lead to automation of all warehouse and manufacturing line jobs on earth.”
Bootstrapped by Gokul NA and Nikhil Ramaswamy in 2015, the startup’s vision is to provide manufacturing companies looking to automate manual labour with a universal machine vision-enabled robot platform that can sense the clutter of the real-world and manipulate objects as well as humans do.
Over the four years since inception, the company claims to have executed over 30 custom-engineered, machine vision-based robotic solutions for large manufacturing customers with a 100 percent attempt-to-success rate.
Rajiv Raghunandan, Managing Partner at Arali Ventures, said,
“We believe that CynLr’s approach of bringing together machine vision and AI will significantly enhance object intelligence for industrial robots, thus paving the way for greater penetration of robotics application across various industry segments.”
Using the CynLr platform, manufacturing customers can rapidly deploy robots without having to worry about custom-designed fixtures and positioning systems that are currently mandatory for every robot's deployment.
Speaking about the venture, the founders said,
“The ability of robots to understand objects, especially in clutter and randomness, to grasp and manipulate with accuracy has been an elusive unsolved problem in robotics till date.”
Using their proven multi-dimensional image construction and analysis approach, CynLr believes they will solve the robotic object manipulation problem that has been touted as the Holy Grail of robotics by the robotics community.
“Customers would, for the first time in the history of automation, have access to robots that can reliably replace human beings in handling objects,” the founders added.
Note: CynLr was one among the YourStory’s list of 30 high-potential tech startups in India in 2018.
(Edited by Teja Lele Desai)