Agritech robotics startup Niqo Robotics raises $9M in funding: Report

Bengaluru-based agritech robotics startup Niqo Robotics has raised $9 million in a funding round led by Brida Innovation Ventures, as reported by Entrackr. 

The round marks the startup's re-entry into the funding scene after a three-year pause. 

Who invested how much?

In this funding round, Brida Innovation Ventures invested Rs 41.5 crore, while Omnivore Partners added Rs 33.2 crore. TheKredible reports the post-money valuation of Niqo Robotics at approximately Rs 290 crore or $35 million. 

Changes in ownership and stake distribution

Following the investment, Omnivore Partners has become the largest external shareholder with a 25.7% stake, followed by Brida Innovation at 18% and Blume Ventures at 10.7%. Jaisimha Rao, the company's founder, continues to hold over a quarter of Niqo Robotics, emphasizing his ongoing commitment to the company’s growth.

What does Niqo Robotics do?

Founded in 2015 by Jaisimha Rao, 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 startup said that it leverages utting-edge AI to target spray the plant without wastefully spraying on soil making crop care financially and environmentally sustainable.

The rebranding from TartanSense to Niqo Robotics last year was part of this strategic shift to emphasize their innovative capabilities in robotics.

Previous funding and financial growth

Including this round, Niqo Robotics has raised a total of $16 million. Past funding rounds include a $5 million Series A in 2021 and a $2 million Seed round in 2019.

Despite its advanced technological offerings, the company remains largely in a pre-revenue phase, with modest revenue of Rs 1.3 crore in FY23 and doubling losses to Rs 9.8 crore. The funding is expected to catalyze further growth and development as Niqo Robotics continues to innovate and expand its market presence.