CynLr Raises $10 Mn To Automate Manufacturing Processes

SUMMARY

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 company, which counts automotive manufacturers DENSO and General Motors as its customers, opened its design and research centre in Switzerland Earlier this year.

It claims to have helped General Motors with a standard robot platform that is capable of handling more than 22,000 parts for vehicle assembly.

Notably, deeptech startups in India have started to gain traction lately.

As per Inc42 data, India was home to more than 400 deeptech startups in 2023, a jump of 4X from 100 in 2014.

Last year, deeptech startups raised $496 Mn compared to $397 Mn in 2022, as per Inc42’s “Indian Tech Startup Funding Report 2023”.

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