CynLr aims to bolster its research & development and software engineering capabilities and to double its workforce (from 60 to 120 employees)
It plans to strengthen its core CyRo robotics platform, enhancing both hardware reliability and software performance to deliver greater cost efficiency and improved customer experiences
The company claims to have raised a total capital of $15.2 Mn since its inception.
Bengaluru-based robotics startup CynLr has raised $10 Mn (about INR 84 Cr) in a Series A funding round led by Pavestone and Athera Venture Partners (formerly Inventus India). Existing backers Speciale Invest and InfoEdge’s Redstart, too, participated in the round.
With the fresh inflow of funds, CynLr aims to bolster its research & development and software engineering capabilities and to double its workforce (from 60 to 120 employees).
Further, the company plans to strengthen its core CyRo robotics platform, enhancing both hardware reliability and software performance to deliver greater cost efficiency and improved customer experiences.
“… CynLr manages an extensive supply chain of 400+ parts sourced across 14 countries and will expand its manufacturing capacity to achieve the goal of deploying one robot system per day and reach the $22 Mn revenue milestone by 2027, ” founder Gokul NA said.
Founded in 2019 by Nikhil Ramaswamy and Gokul NA, CynLr automates the manufacturing processes. The startup intends to simplify manufacturing through its visual robots or object computers.
In 2022, the company raised INR 5.5 Cr in a seed funding round. It claims to have raised a total of $15.2 Mn since its inception.
(The story will be updated soon)
By Inc42 Media
Source: Inc42 Media