[Funding alert] Accio Robotics raises fresh capital from angel investors
The robotics startup will use the fresh round of funding for product development and increase its market reach.
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, a robotics automation startup focused on designing and manufacturing autonomous mobile robots, has raised a fresh undisclosed round of funding from a group of angel investors.
The funding round was led by Uday Sodhi, Co-founder of Founder's Room Capital, along with other investors such Jignesh Kenia, UtpalDoshi, Girish Jain, and Pankaj Bhargava.
Founded by Tuhin Sharma and Pranav Srinivasan, Accio Robotics was launched in 2020 and is a portfolio company of , an early-stage VC.
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On the funding received, Accio Robotics Co-founder Tuhin Sharma said, “This investment will not only help us strengthen our product development efforts, but will also provide a platform for Accio to be able to penetrate a wider market with much more widespread impact.”
According to the startup, its mobile robots are used in industries such as warehousing, manufacturing, pharma, packaging, FMCG and ecommerce, and are designed to operate and function in a conventional Indian shop.
On the investment, Uday Sodhi, Co-founder, Founder's Room Capital said, “Accio Robotics is an exciting startup in the Autonomous Mobile Robot space. We at Founders Room Capital believe in backing smart and passionate founders in high tech areas with huge market potential.”
Accio Robotics expects its autonomous mobile robots to cut lead times and reduce error. The space of robotics has emerged as a key investment area for venture capitalists, especially for niche firms, as the future of this sector looks promising given the increased thrust towards automation.
Besides, robotics are now increasingly being used in multiple industries such as automobile, industrial engineering, as well as ecommerce.
Ninad Karpe, Partner, 100X.VC said, “At 100X, we fund and nurture path-breaking startups and Accio Robotics, with its unique technology, is well placed to become a pioneer and leader in the Autonomous Mobile Robot space.”
The venture fund 100X.VC is sponsored by Mehta Ventures, the family office investment arm of Sanjay Mehta.
Edited by Kanishk Singh