Advances in technology has ensured that the robotics tech sector has clocked a steady growth, and if statistics are anything to go by, it was $62.75 billion in 2019. This number grew to $71.2 billion a year later, and is slated to reach $189.36 billion by 2027 as it grows at a CAGR of 13.5% between 2020 and 2027.
Mobile robotics startup Peer Robotics is one of the several players in this swiftly-growing region, and now, it has grabbed $2.3 million in a fresh seed funding round, led by early-stage VC firm Kalaari Capital. The round also included participation of existing investors Axilor Ventures, Connecticut Innovations, and Innopact VC.
The capital raised in the fresh round of funding will be deployed towards research and development initiatives. Funds will also be utilized towards driving recruitment to hire new talent, as well as clock expansion into its business in the SME manufacturing industry.
“Cyber-physical systems are ushering in a new era where collaborative robots with contextual intelligence, low implementation time, and negligible integration cost will lead to industrialization in every sector,” said Ravinder Pal Singh, Partner, Kalaari Capital.
Founded three years ago by Rishabh Agarwal and Tanya Raghuvanshi, the New Delhi-based startup claims to build “accessible automation for all.” It does so by deploying its mobile robots in a quick and effective manner.
According to Peer Robotics, its mobile robots learn from humans in real-time, which saves time, increases efficiencies, and even reduces injuries – the startup claims that the robots are designed to work with humans and no investment in safety infrastructure is required. It added that this also allowed those on the shop floor to integrate and deploy solutions alongside them with a flexible design, out of box deployment and low maintenance.
And this will not burn too big of a hole in the pockets of consumers – mostly from the automotive, aerospace, fabrication and machining, and home appliance and tooling industries. They can get all of the above at an affordable subscription model.
“Manufacturers regularly deal with lots of repetitive, labor-intensive tasks that are great candidates for automation. Small and medium-size companies are struggling with the labor shortage today, not to mention high turn-over. Also, many operations are still manual with employees operating at a high risk of injuries and fatigue. Solutions to date have been too expensive and complex,” said Rishabh Agarwal, co-Founder, and CEO, Peer Robotics.