Niqo Robotics raises $13 Mn in Series B round to scale globally
Agritech robotics firm Niqo Robotics (formerly TartanSense) on Tuesday announced that it has raised $13 million in a Series B round led by Brida Innovation Ventures. The round also saw significant investments from new investor Fulcrum Global Capital and existing investor Omnivore.
This brings Niqo’s total fundraising to $21 million including a $5 million in Series A round from FMC, Omnivore, and Blume Ventures in August 2021 and a $2 million Seed round in 2019.
Entrackr exclusively reported about the deal on May 1.
Niqo will expand to new markets and accelerate the commercial adoption of spot spray, globally, according to Jaisimha Rao, founder and CEO of the company.
Niqo Robotics specializes in crafting compact agricultural robots empowered with AI-driven computer vision technology which claims to reduce costs and increase profitability. It uses a proprietary AI camera with deep learning models to identify and selectively spray on target plants, reducing chemical usage by up to 90%.
In 2023-24, Niqo claims to commercialize over 90,000 acres of land and benefiting over 1,800 farmers.
While the company is yet to disclose audited FY24 numbers, the nine-year-old firm’s Indian entity largely remained in pre-revenue stage with a revenue of only Rs 1.3 crore during FY23. At the same time, its losses surged 2X to Rs 9.8 crore.
As of the latest tranche, Omnivore Partners was the largest external stakeholder in Niqo with 25.7% followed by Brida Innovation and Blume Ventures which commanded 18% and 10.7%, respectively. Check TheKredible for more details.
It competes with Zenrobotics, SwarmFarm, and Ecorobotis, among others.
