[Funding alert] IAN Fund invests Rs 12.4 Cr in Nocca Robotics
The IAN Fund, a seed and early-stage fund, has led an investment worth Rs 12.4 crore in Pune-based Nocca Robotics, with participation from angel investors of Indian Angel Network.
Founded in April 2017 by IIT Kanpur graduates Harshit Rathore and Nikhil Kurele, Nocca Robotics leverages technologies such as AI, machine learning, deep learning and robotics to provide automated, water-less and shareable solar panel cleaning solution for utility-scale solar parks.
Speaking on the investment, Saurabh Srivastava, Controlling & Designated Partner, IAN Fund, said,
“Nocca Robotics, born in IIT Kanpur, has its unique IP for water-less robotic cleaning of solar panels and other surfaces, and is well poised to leverage the government’s focus on scaling the country’s solar power generation capacity to 100 GW by 2020. Its innovative, tech-based, unique solution will address the auxiliary challenges associated with solar energy operations.”
The startup will use the capital to set up a robust manufacturing facility to launch robots dedicated to clean rooftop solar panel installations. It also aims to bolster its R&D and strengthen the production team to deliver best-in-class products.
Harshit Rathore, CTO & Co-founder, Nocca Robotics, said,
“Our water-less and shareable robotic solar panel cleaning solution enables plant owners to operate at peak efficiency while generating attractive RoIs, by curbing unnecessary spends on manual cleaning and increasing the power generation. Moreover, the impact that the switch to water-less cleaning option can drive on the ecological level, is immense. Water is a precious resource without which we cannot survive. Coming up with innovative alternatives to all water-based industrial processes should be a top priority of our age.”
According to Nocca, Indian solar plants spend about Rs 500 crore annually to clean solar plants multiple times a month. The plant owners also reportedly incur production losses due to dust accumulation.
Nocca Robotics addresses these burning issues by providing water-less robotic cleaning solution to utility solar park developers and large rooftop installation companies in India.
It is an incubatee company of Startup Incubation and Innovation Centre, IIT Kanpur.
The IAN Fund, a Rs 375 crore fund, invests in companies in sectors including healthcare and medical devices, agritech, fintech, cybersecurity, edutech, hardware products, consumer focused, leveraging VR, AI, Big Data, and deep tech.
(Edited by Suman Singh)