Deeptech robotics start-up, CynLr (Cybernetics Laboratory) has raised $10 million in a fresh round of Series A funding led by Pavestone and Athera Venture Partners (formerly Inventus India) bringing its total funding to $15.2 Million.
Existing investors Speciale Invest, Infoedge (Redstart) and others also participated in this round of fundraising.
CynLr will now expand its 60-member core team into a 120-member global team. Along with expanding its research & software-dev team, CynLr will be hiring business and operational leaders, marketing and sales teams across India, US and Switzerland.
“With the CyRo form factor receiving a resounding response from customers, technology-market fit has been firmly established. These customers are now eager to integrate CyRo into their production lines and experiment the transformational vision of a ‘Universal Factory’ that can profitably produce custom-fit consumer goods, even at low volumes. With the new round of funding, CynLr will focus to enhance its hardware reliability, improve user experience by enhancing its SW performance and reduce costs for the customer,” says Gokul NA, Founder - Design, Product & Brand, CynLr.
“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 million revenue milestone by 2027,” he added.
Founded in 2019, by Nikhil Ramaswamy and Gokul NA, Bengaluru-based start-up CynLr is attempting to overcome the technological gap in the industrial robotics industry by allowing robotic arms to see, understand, and operate any object in unstructured surroundings.
CynLr’s Design & Research Centre in Switzerland (Unlimitrust Campus, Prilly) was opened recently by Alain Gillièron, Mayor of Prilly during Swiss Indian Innovation Week on 26th September 2024. The Switzerland Centre will work closely with CynLr’s Research partners in EPFL LASA (Lausanne) and CSEM (Neuchâtel).