Indian DeepTech robotics startup CynLr (Cybernetics Laboratory) has raised $10 million in a new Series A funding round led by Pavestone and Athera Venture Partners (formerly Inventus India), bringing its total funding to $15.2 million. Existing investors, including Speciale Invest and Infoedge (Redstart), also participated in this round.
CynLr plans to expand its 60-member core team to a 120-member global workforce, adding business and operational leaders, marketing and sales teams, and expanding its research and software development team across India, the US, and Switzerland.
"With the CyRo form factor receiving a resounding response from customers, a strong technology-market fit has been established. Our customers are now eager to integrate CyRo into their production lines and explore the transformative vision of a 'Universal Factory' that can profitably produce custom-fit consumer goods at even low volumes. This funding will help CynLr enhance hardware reliability, improve user experience by boosting software performance, and lower costs for our customers. CynLr oversees a supply chain with over 400 parts sourced from 14 countries and will expand manufacturing capacity to meet its goal of deploying one robot system per day, aiming to reach $22 million in revenue by 2027," says Gokul NA, Founder – Design, Product & Brand, CynLr.
"This investment will allow us to focus on deeper R&D to develop more complex applications for our customers. For instance, Denso requires a hot-swappable robot station to manage demand variability for different parts, while General Motors seeks a standard robot platform capable of handling over 22,000 parts in vehicle assembly. With CyRo's expanding capabilities, we aim to reduce costs and drive adoption, moving closer to realising our vision of an ‘Object Store' – a platform similar to app stores, where customers can select application recipes and object models for the robot to perform instant tasks. Additionally, CynLr will invest in infrastructure for support, solutions engineering, and sales to advance this vision," adds Nikhil Ramaswamy, Founder – GTM, Sales & Investment.
CynLr recently inaugurated its Design & Research Centre at the Unlimitrust Campus in Prilly, Switzerland, opened by Alain Gillièron, Mayor of Prilly, during Swiss Indian Innovation Week on 26th September 2024. The Switzerland centre will collaborate closely with CynLr's research partners at EPFL LASA (Lausanne) and CSEM (Neuchâtel).