Niqo Robotics, an agritech robotics firm, has raised $9 million in funding in a new round that was led by venture capital firm Brida Innovation Ventures, as per a report by Entrackr.
The Bengaluru-based company saw a three-year pause before this funding. Niqo Robotics’s board passed a resolution to issue 8,577 shares at an issue price of Rs 87,090 each. Brida Innovation Ventures invested Rs 41.5 crore. Other investors, such as Omnivore Partners, participated in the round with Rs 33.2 crore, as per the report.
The company's founder, Jaisimha Rao, holds more than a quarter of the company, according to the report. Now, after the fresh proceeds, Omnivore Partners is the largest external shareholder of the company (25.7 percent). It is followed by Bridal Innovation (18 percent) and Blume Ventures (10.7 percent).
As per a company statement, “Niqo aims to revolutionize crop care spraying in agriculture through their flagship AI-powered Spot Spray Technology made possible by a proprietary agriculture camera.” The company says that it uses "cutting-edge AI to target spray the plant without wastefully spraying on soil making crop care financially and environmentally sustainable."
Previously named TartanSense, in March last year, the company announced its rebranding to Niqo Robotics. Speaking about the rebrand, Rao said, as per the Economic Times, “The name Niqo represents our hunger to win in this challenging ecosystem of robotics and agriculture. We are especially proud that India is leading the way in commercializing AI-powered spraying at scale."
As per the Entrackr report, until now, Niqo Robotics has raised $16 million. This includes the $5 million that was raised by the company in a Series A round in 2021. The investors for the same included Omnivore, Blume Ventures, and FMC.
