Robotics Start-Up CynLr raises 4.5 mn, ready for US Market
MUMBAI: Bengaluru-based Vyuti Systems Pvt Ltd, runs a visual object intelligence platform CynLr, as a robotics start-up, that has raised $4.5 million in a pre-Series A funding round co-led by Speciale Invest and growX ventures on Tuesday.
The round had the participation of investors such as Anicut Capital, InfoEdge, Java Capital, Venture Catalysts and Early Ventures. Angels including Srivatsa Ram (CEO, Wheels India), Sriram Vijayaraghavan (Chairman, Wheels India), Arvind Vasu (Head of East Asia, ABB Technology Ventures), Nalin Advani (Former CEO, Asia Pacific, GreyOrange Robotics) and Jairam Pillai (East) Investor MD - India, Russia, Arabic, NI).
Prior to this round, CynLr had secured approximately $775,000 in seed funding in 2019, led by Speciale Investments and co-led by Early Ventures. The total funding raised by the startup in the latest funding round is $5.25 million.
The robotics startup plans to enter the US market, grow its team and build capacity to address its current customer base and deliver 100 robots a year.
“CynLr is solving a 4-decade long unmet need in the rapidly growing industrial robotics space. With their Intelligent Vision Stack for Robots, they address myriad challenges in the hyper-automated manufacturing and storage space. Deep Tech Space As firm believers in enterprise, we are excited to support CynLr in building intelligent learning robots that will enable the creation of micro-factories and ultimately universal factories,” says Sheetal Bahl, Managing Partner of growX Ventures.
Founded in 2019 by Nikhil Ramaswamy and Gokul NA, CynLr uses computer vision to make robotics smarter and more human-like. Robotic arms are widely used in factories, assembly lines, warehouses, and manufacturing to perform assembly, weight-carrying, and repetitive tasks without sacrificing productivity.
"CynLr's machine vision and intelligence stack enables companies to build factories from universal Lego-like robotic units rather than complex custom machinery," Ramaswamy said.
CynLr's visual robots can quickly pick up any object of any size, shape, weight, or material, regardless of orientation and location, without any prior training. To be concise, it automates the manual work involved in manufacturing processes. The startup intends to simplify manufacturing through its visual robot, or object computers, just as computers have simplified data processing.