With this the total funding raised by the startup stands at $21 Mn
The Bengaluru-based startup was launched in 2015 by Jaisimha Rao, and it offers agrochemical spraying services by developing precision spot spray technology
In FY24, the startup claims to have commercialised over 90,000 acres demonstrating real-time chemical savings of up to 60% and benefiting over 1800 farmers
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Agritech startup Niqo Robotics has marked the final close of its Series B funding round at $13 Mn (around INR 108 Cr).
The round comprised two tranches. In the first leg, the company raised $9 Mn, while in the second tranche, it secured $4 Mn led by Bidra Innovation Ventures, with participation from Fulcrum Global Capital and existing investor Omnivore.
With this, Niqo Robotics has raised a total funding of $21 Mn till date.
Launched in 2015 by Jaisimha Rao, the Bengaluru-based startup offers agrochemical spraying services by developing precision spot spray technology. To conduct this process, Niqo leverages its proprietary artificial intelligence-powered technology with deep learning models to identify and selectively spray on target plants. The startup claims that this reduces chemical usage by up to 90%.
“With the Series B fund closure, we are made stronger by a syndicate of investors with deep agricultural expertise from three different continents. With their backing we will expand to new markets and accelerate the commercial adoption of spot spray, globally,” said Rao.
According to Niqo, its services increase profitability for farmers and reduce chemical pollution on farm and food ecosystems. Besides, the spot spray technology seamlessly integrates with existing farm equipment, making the upgrade to AI-powered spot spraying effortless.
In FY24, the startup claims to have commercialised over 90,000 acres demonstrating real-time chemical savings of up to 60% and benefiting over 1,800 farmers.
“Farmer-first solutions, like Niqo’s AI-powered spot spraying technology, are essential for sustainable agriculture… This aligns perfectly with Bidra’s mission to support founders who develop innovative solutions to sustainably feed a growing population.” said Yassine Cherkaoui, chief executive officer, Bidra Innovation Ventures.
The startup counts Blume Ventures and FMC Corporation, among its existing backers.
Integration of AI into agricultural practices seems to be beneficial, considering efforts by both private and government entities in the direction. Recently, the Uttar Pradesh government was reported to have joined forces with the stakeholders of the local agriculture industry to bolster agritech startups and integrate AI into farming practices.
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