Deeptech Robotics Startup CynLr Raises $10 Million in Series A Funding to Accelerate Global Expansion and Innovation
- ByStartupStory | November 6, 2024
Deeptech robotics startup CynLr (Cybernetics Laboratory) has successfully secured $10 million in a fresh Series A funding round, led by Pavestone and Athera Venture Partners (formerly known as Inventus India), boosting its total funding to $15.2 million. Existing investors, including Speciale Invest, Infoedge (Redstart), and others, also participated in the round. This influx of capital positions CynLr to expand its workforce, strengthen its research initiatives, and further drive innovation in robotics technology.
With the new funding, CynLr aims to double its workforce to a 120-member global team. The company plans to expand its research and software development departments and bring on new talent for business and operational leadership, as well as marketing and sales teams across India, the United States, and Switzerland.
“With the new round of funding, CynLr will focus on enhancing its hardware reliability, improving user experience by enhancing its SW performance and reducing costs for the customer,” said Gokul NA, Founder of Design, Product, and Brand, CynLr.
CynLr also manages a complex supply chain, sourcing over 400 parts from 14 different countries. With this latest funding, the company plans to expand its manufacturing capacity to deploy one robotic system per day, aiming to reach a revenue milestone of $22 million by 2027.
“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,” Gokul NA added.
Founded in 2019 by Nikhil Ramaswamy and Gokul NA, CynLr is dedicated to addressing a significant technological gap in the industrial robotics industry. By developing robotic systems capable of seeing, understanding, and interacting with unstructured environments, CynLr aims to revolutionize how robotic arms operate across industries.
As part of its international expansion, CynLr recently inaugurated its Design & Research Centre at the Unlimitrust Campus in Prilly, Switzerland. The center was formally opened by Alain Gillièron, Mayor of Prilly, during the Swiss Indian Innovation Week in September. The Switzerland-based facility will collaborate closely with CynLr’s research partners, including EPFL LASA in Lausanne and CSEM in Neuchâtel, further strengthening its research and development capabilities.
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