Pune-based industrial robotics startup Haber has raised $38 million (about Rs 320 crore) in a Series C round of funding led by homegrown mid-market private equity firm Creaegis.
Haber's existing investors, venture capital firms Accel and Beenext, also participated in the round, according to the company’s filing with the Registrar of Companies.
Craegis led the round by investing $23.9 million. Beenext invested nearly $10 million and Accel put in $4 million.
Haber, operated by Elixa Technologies Pvt Ltd, will use the capital to support its expansion plans and accelerate research and development, the company said in the filings. A part of the funds will also be used for expanding the product portfolio, diversifying its customer base and applications in the industry.
Founded by Vipin Raghavan and Priya Venkat, Haber helps companies to reduce operating costs, as well as water and energy footprints by automating processes, utilities, and water systems. They drive robotic sampling, real-time testing, statistical model-driven data analysis, and automate the dosing of chemicals. Haber primarily works with companies in the manufacturing segment.
The latest round comes about three years after Haber raised $20 million (Rs 148 crore) in its Series B round led by Ascent Capital. Accel had led the startup’s Series A round in 2019.
Overall, the company has raised $65 million in funding till date.
Creaegis was started by former PremjiInvest managing partner and investment chief Prakash Parthasarathy over five years ago. It wrapped up fundraising for its maiden vehicle in September last year after mopping up $425 million (almost Rs 3,530 crore). This is the biggest amount in rupee terms by a first-time general partner in India.
The PE firm's portfolio also includes logistics technology platform Kale Logistics Solutions and Medikabazaar, a business-to-business (B2B) online marketplace for medical supplies.