Niqo Robotics Raises $13M in Series B Round to Expand Globally

Agritech robotics company Niqo Robotics, formerly known as TartanSense, has secured $13 million in a Series B funding round led by Brida Innovation Ventures. The funding also saw significant participation from new investor Fulcrum Global Capital and existing investor Omnivore.

With this latest investment, Niqo Robotics has raised a total of $21 million, including previous rounds such as a $5 million Series A round in August 2021 and a $2 million Seed round in 2019.

Niqo Robotics plans to utilize the funds to expand into new markets and accelerate the global adoption of its spot spray technology, according to Jaisimha Rao, the company’s founder and CEO.

Specializing in compact agricultural robots powered by AI-driven computer vision technology, Niqo Robotics aims to reduce costs and enhance profitability for farmers. Its proprietary AI camera, equipped with deep learning models, enables precise identification and targeted spraying of plants, resulting in a significant reduction in chemical usage.

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

Although the audited financials for FY24 are yet to be disclosed, Niqo Robotics’ Indian entity recorded minimal revenue of Rs 1.3 crore in FY23, with losses doubling to Rs 9.8 crore during the same period.

Omnivore Partners holds the largest external stake in Niqo Robotics at 25.7%, followed by Brida Innovation and Blume Ventures with 18% and 10.7%, respectively.

Niqo Robotics faces competition from other players in the agritech robotics sector, including Zenrobotics, SwarmFarm, and Ecorobotis.

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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