Niqo Robotics Secures $13 Million in Series B Funding to Expand Innovative Agricultural Technology
- ByStartupStory | May 15, 2024
Niqo Robotics, an innovative agricultural robotics company, announced a successful $13 million Series B financing round, led by Bidra Innovation Ventures. The round also welcomed contributions from new investor Fulcrum Global Capital and existing supporter Omnivore, bringing the total raised by the company to $21 million.
Founded in 2015 by Jaisimha Rao, Niqo Robotics specializes in advanced AI-driven solutions designed to enhance farming efficiency and sustainability. The company’s proprietary technology, which integrates a deep learning AI camera, enables precise application of agrochemicals directly to the target plants, significantly reducing chemical usage by up to 90%. This selective spraying system not only minimizes environmental impact but also cuts down farmers’ expenses on chemicals by up to 60%.
Having already commercialized over 90,000 acres and benefited more than 1,800 farmers, Niqo’s technology demonstrates a powerful example of how robotics and AI can be leveraged to foster more sustainable agricultural practices. The Bengaluru-based startup’s spot spray technology uses computer vision and AI on the edge to differentiate plants from soil, ensuring that sprays are limited to the necessary areas only.
Jaisimha Rao, Founder and CEO of Niqo Robotics, expressed enthusiasm about the new funding: “With the Series B fund closure, we are made stronger by a syndicate of investors with deep agricultural expertise from three different continents. With their backing, we will expand to new markets and accelerate the commercial adoption of spot spray, globally.”
Lead investor Bidra Innovation Ventures highlighted the strategic fit of Niqo’s solutions with their investment philosophy. Yassine Cherkaoui, CEO of Bidra, remarked, “Farmer-first solutions, like Niqo’s AI-powered spot spraying technology, are essential for sustainable agriculture. We are thrilled to lead this investment round and help put Niqo’s cutting-edge technology in the hands of more farmers. This aligns perfectly with Bidra’s mission to support founders who develop innovative solutions to sustainably feed a growing population.”
