Indian DeepTech Robotics startup CynLr has successfully raised $10 million in Series A funding, bringing their total funding to $15.2 million. The funding round was led by Pavestone and Athera Venture Partners, with participation from existing investors like Speciale Invest and Infoedge (Redstart). CynLr plans to use the funding to expand its team, enhance hardware reliability, improve software performance, and increase manufacturing capacity. The company aims to deploy one robot system per day and achieve $22 million in revenue by 2027. CynLr, also known as Cybernetics Laboratory, secured the new funding round from investors like Pavestone and Athera Venture Partners (formerly Inventus India). Existing investors, including Speciale Invest and Infoedge (Redstart), also contributed to this investment round. This recent funding injection will support CynLr’s expansion from a 60-member team to a 120-member global team. This expansion includes hiring for various departments such as Research & Software Development, Business and Operational Leadership, and Marketing and Sales across India, the US, and Switzerland.
A key factor driving CynLr’s success is the positive response to its CyRo robot form factor. This positive reception indicates a strong technology-market fit, with customers eager to integrate CyRo into their production lines. CynLr’s primary goal is to create a “Universal Factory” capable of producing customized consumer goods profitably, even in small batches.
“With the CyRo form factor receiving a resounding response from customers, technology-market fit has been firmly established. These customers are now eager to integrate CyRo into their production lines and experiment the transformational vision of a ‘Universal Factory’ that can profitably produce custom-fit consumer goods, even at low volumes. With the new round of funding, CynLr will focus to enhance its Hardware reliability, improve User experience by enhancing its SW performance and reduce costs for the customer. CynLr manages an extensive supply chain of 400+ parts sourced across 14 countries and will expand its Manufacturing Capacity to achieve the goal of deploying One Robot System per day and reach the $22 Million revenue milestone by 2027.” says Gokul NA, Founder – Design, Product & Brand, CynLr.CynLr is actively focusing on enhancing its hardware reliability, improving the user experience by enhancing software performance, and reducing costs for customers. Managing an extensive supply chain of over 400 parts sourced from 14 countries, CynLr is dedicated to expanding its manufacturing capabilities, the company said.
“This round of investments will help us focus on Deeper R&D to build more complex applications and solutions for our customers – like Denso where they need to manage their demand variability for different parts through a hot-swappable robot station to plant-level automation – like with General Motors where they require one standard robot platform to handle 22000+ parts for assembly of the vehicles. With the current momentum of breakthroughs in CyRo’s capabilities, we will be able to substantially reduce costs and drive adoption, bringing it closer to realizing the possibility of creating an ‘Object Store’ – a platform similar to today’s app stores, allowing customers to pick a recipe of applications and Object models to have the Robot instantaneously perform a desired task. The company will simultaneously invest in infrastructure for support, solutions Engineering and sales to support this larger vision.” – Nikhil Ramaswamy, Founder – GTM, Sales & Investment.
Further demonstrating its commitment to innovation, CynLr recently inaugurated its Design & Research Centre in Switzerland. Located at the Unlimitrust Campus in Prilly, the center was officially opened by Alain Gillièron, Mayor of Prilly, during Swiss Indian Innovation Week on September 26, 2024. This strategic location will allow CynLr to collaborate closely with its research partners, EPFL LASA (Lausanne) and CSEM (Neuchâtel), further advancing its technological capabilities.
