Summary:

  • Niqo Robotics Secures $13 Million in Series B Funding to Expand Globally.

  • The round was led by Brida Innovation Ventures.

  • With this round, Niqo has amassed total $21 million funding.

A leading player in agritech robotics, Niqo Robotics (formerly known as TartanSense), revealed on Tuesday that it has successfully raised $13 million in a Series B funding round, spearheaded by Brida Innovation Ventures. This financing round also witnessed substantial contributions from new investor Fulcrum Global Capital and existing investor Omnivore.

 

With this latest infusion of capital, Niqo has amassed a total of $21 million in fundraising, including a $5 million Series A round from FMC, Omnivore, and Blume Ventures in August 2021, along with a $2 million Seed round back in 2019.

 

The primary aim of this funding is to enable Niqo to venture into new markets and accelerate the widespread adoption of spot spray technology on a global scale, as stated by Jaisimha Rao, the founder and CEO of the company.

 

Niqo Robotics specializes in the development of compact agricultural robots integrated with AI-powered computer vision technology, which is purported to drive down operational costs and enhance profitability for farmers. The company employs a proprietary AI camera system, coupled with advanced deep learning algorithms, to accurately identify and selectively spray target plants, thereby reducing chemical usage by as much as 90%.

 

By the end of the 2023-24 fiscal year, Niqo claims to have facilitated the commercialization of over 90,000 acres of land, benefiting more than 1,800 farmers.

 

Although specific financial figures for the fiscal year 2023-24 have not yet been disclosed by the company, it’s worth noting that Niqo’s Indian subsidiary remained largely in the pre-revenue stage, generating only Rs 1.3 crore in revenue during the fiscal year 2022-23. However, the company witnessed a twofold increase in losses, amounting to Rs 9.8 crore during the same period.

 

As of the latest funding round, Omnivore Partners holds the largest external stake in Niqo, with 25.7%, followed by Brida Innovation and Blume Ventures, holding 18% and 10.7% respectively.

 

In the competitive landscape, Niqo Robotics faces competition from companies like Zenrobotics, SwarmFarm, and Ecorobotis, among others.