Niqo Robotics Secures $13 Million in Series B Funding to Fuel Global Expansion

Niqo Robotics, a leading agritech firm formerly known as TartanSense, announced a successful Series B funding round on Tuesday, securing $13 million. Brida Innovation Ventures spearheaded the investment, with notable participation from new investor Fulcrum Global Capital and existing investor Omnivore. This latest round brings Niqo’s total funding to $21 million, following a $5 million Series A round in August 2021 and a $2 million seed round in 2019.

Investing in Growth: Expanding Markets and Spot Spray Adoption

Jaisimha Rao, the founder and CEO of Niqo Robotics, outlined the company’s plans to leverage the fresh capital for global expansion and accelerating the widespread adoption of their innovative spot spray technology.

Revolutionizing Agriculture with AI-Powered Precision

Niqo Robotics specializes in the development of compact agricultural robots equipped with cutting-edge AI and computer vision technology. This technology empowers farmers to reduce costs and enhance profitability. Their proprietary AI camera and deep learning models enable precise plant identification and targeted spraying, minimizing chemical usage by up to 90%.

Impact in Action: Empowering Farmers and Optimizing Land Use

Niqo Robotics claims to have positively impacted over 90,000 acres of land and supported more than 1,800 farmers during the 2023-24 agricultural season. While audited financial figures for FY24 are yet to be released, the company acknowledges its Indian entity remains largely in the pre-revenue stage. Despite this, Niqo is actively working towards growth, as evidenced by their FY23 revenue of Rs 1.3 crore.

Investor Landscape and Competitive Arena

Following the latest funding tranche, Omnivore Partners holds the largest external stakeholder position in Niqo at 25.7%. Brida Innovation and Blume Ventures hold significant stakes as well, at 18% and 10.7%, respectively. You can explore further details on TheKredible platform. In the competitive agritech robotics market, Niqo faces competition from players like Zenrobotics, SwarmFarm, and Ecorobotis.