Deeptech robotics startup CynLr raises $10M in Series A funding
CynLr aims to double its workforce to a 120-member global team. It will expand its research and software development team, and hire business and operational leaders, and marketing and sales teams.
Deeptech robotics startup CynLr (Cybernetics Laboratory) has raised $10 million in a fresh Series A funding round led by Pavestone and Athera Venture Partners (formerly Inventus India), bringing its total funding to $15.2 million. Existing investors Speciale Invest, Infoedge (Redstart), and others also participated.
With this new fundraise, the company aims to double its workforce to a 120-member global team. Along with expanding its research and software development team, CynLr will be hiring business and operational leaders, and marketing and sales teams across India, the US, and Switzerland.
"With the new round of funding, CynLr will focus on enhancing its hardware reliability, improving user experience by enhancing its SW performance and reducing costs for the customer," said Gokul NA, Founder of Design, Product and Brand, CynLr.
"CynLr manages an extensive supply chain of 400+ parts sourced across 14 countries and will expand its manufacturing capacity to achieve the goal of deploying one robot system per day and reach the $22 million revenue milestone by 2027," he added.
Founded in 2019, by Nikhil Ramaswamy and Gokul NA, Bengaluru-based startup CynLr is attempting to overcome the technological gap in the industrial robotics industry by allowing robotic arms to see, understand, and operate any object in unstructured surroundings.
CynLr's Design & Research Centre in Switzerland (Unlimitrust Campus, Prilly) was opened recently by Alain Gillièron, Mayor of Prilly during Swiss Indian Innovation Week in September. The Switzerland Centre will work closely with CynLr's Research partners in EPFL LASA (Lausanne) and CSEM (Neuchâtel).
Edited by Kanishk Singh