Vyuti Systems Private Limited, which runs robotics platform CynLr, on Tuesday said it has raised $4.5 million (around Rs 34.1 crore) in a funding co-led by Speciale Invest and growX Ventures.
The round also saw participation from Anicut Capital, Infoedge, Java Capital, Venture Catalysts, Arali Ventures, Srivats Ram (MD, Wheels India, TVS Group) and Shriram Vijayaraghavan (President, Wheels India, TVS Group).
Besides, Arvind Vasu (former Asia Head, ABB Technology Ventures), Nalin Advani (former CEO, Asia Pacific, GreyOrange Robotics) and Jayaram Pillai (former MD - India, Russia, Arabia, NI), also took part in the fundraise.
CynLr plans to use the fresh money to build its base in the US, raise the headcount to 50 and deliver 100 robots annually.
Prior to this round, CynLr had secured seed funding of about $775,000 in 2019 led by Speciale Invest and Arali Ventures.
The round brings its total funding raised so far to $5.25 million.
Founded in 2019 by Nikhil Ramaswamy and Gokul NA, CynLr is a robotics startup that uses machine vision to make robotics smarter and more human-like.
Robotic arms are frequently employed in factories, assembly lines, warehouses, and manufacturing to carry out assembly operations, weight hauling, and repetitive jobs without sacrificing productivity.
“CynLr’s Machine Vision and Intelligence stack empower businesses to build factories out of universal LEGO-like Robotic Units, instead of complex custom machinery.
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 freeing factories and warehouses from part-specific dependencies that currently dictate everything from automation to design,” said Nikhil Ramaswamy, Co-Founder and CEO, CynLr.
Gokul NA Founder, CynLr, added, “The revolution that data witnessed is yet to happen for warehousing/manufacturing (object processing), held back by one factor: custom machinery.
When it comes to adapting to unforeseen changes in handling objects, human vision and hands are the only universal solution that we have. CynLr fills this void in current AI & 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.”
