Speciale Invest and growX Ventures led a $4.5 million fundraising round for CynLr, a visual robotic platform. Anicut Capital, Infoedge, Java Capital, Venture Catalysts, and Arali Ventures were among the other institutional investors in the round.
According to a release, CynLr will use the capital to establish a corporate presence in the United States, grow its team to more than 50 individuals, and build capacity to address the current pipeline of customers and produce 100 robots per year.
“CynLr’s visual robots can instantaneously pick any object of any size, shape, weight, or material regardless of orientation and place with limited to no pre-training. This is the stepping stone in creating Universal Factories – a factory so standardized that any product – from cars to phones to probably even your food, can be manufactured under the same roof, and is just a click of a button away,” said Nikhil Ramaswamy, cofounder at CynLr.
Srivats Ram, managing director, TVS Group’s Wheels India, Shriram Vijayaraghavan, president, TVS Group’s Wheels India, Arvind Vasu, former Asia Head, ABB Technology Ventures, Nalin Advani, former chief executive officer, GreyOrange Robotics, and Jayaram Pillai, former managing director – India, Russia, Arabia, are among the investors.
Founded by Nikhil Ramaswamy and N. A. Gokul in 2019, the company simplifies and eliminates the need for tailored machines to handle objects. The inability in adapting to variations has stunted the robot automation market to $48 billion, while global manufacturing alone is a $12.8 trillion industry.
“When it comes to adapting to unforeseen changes in manufacturing objects, human vision and hands are the only universal solution that we have. CynLr fills this void in current AI and ML, by looking at how Intelligence evolved along with vision in animals, over a billion years. This we believe will make objects the new data.” said N. A. Gokul, founder of CynLr.
Prior to this round, CynLr had received seed funding from Speciale Invest and Arali Ventures, bringing the company’s total capital to $5.25 million.