Cybernetics Laboratory (CynLr), which describes itself as an “Indian deeptech robotics startup”, has raised $10 million in a fresh round of Series A funding led by Pavestone and Athera Venture Partners (formerly Inventus India).
This new investment brings 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 to a 120-member global team. Along with expanding its research and software-development team, CynLr will be hiring business and operational leaders, marketing and sales teams across India, US and Switzerland.
Gokul NA, founder – design, product and brand, CynLr, says: “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.
“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.”
Nikhil Ramaswamy, founder – GTM, sales and investment, says: “This round of investments will help us focus on Deeper R&D to build more complex applications and solutions for our customers – like Denso where they need to manage their demand variability for different parts through a hot-swappable robot station to plant-level automation – like with General Motors where they require one standard robot platform to handle 22000+ parts for assembly of the vehicles.
“With the current momentum of breakthroughs in CyRo’s capabilities, we will be able to substantially reduce costs and drive adoption, bringing it closer to realizing the possibility of creating an ‘Object Store’ – a platform similar to today’s app stores, allowing customers to pick a recipe of applications and Object models to have the Robot instantaneously perform a desired task.
“The company will simultaneously invest in infrastructure for support, solutions Engineering and sales to support this larger vision.”
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).
