CynLr, a Bengaluru-based deeptech startup, has recently raised $10 million in Series A funding in a round led by Pavestone and Athera Venture Partners. This brings the company’s total raised capital to $15.2 million. The funding will be used to double the workforce, expand the supply chain, and enhance both hardware and software to improve the customer experience.
The company plans to expand its robotics lab in Bengaluru to accommodate over 50 robot systems by 2026. It also aims to manufacture one robot system per day and achieve a revenue milestone of $22 million by 2027. The funding will also support the expansion of the core team from 60 to 120 members and the hiring of business, marketing, and operational leaders across India, the US, and Switzerland.
CynLr recently inaugurated a design and research centre in Switzerland, which will work closely with the company’s research partners in EPFL LASA and CSEM. The company aims to solve long-standing challenges in robotics by developing technology that enables robots to intuitively recognize and manipulate objects of any size, shape, or color.
CynLr’s flagship product, CyRo, is a modular, three-armed robot that can handle a variety of objects without specific training. Powered by the company’s proprietary CLX-01 robotic vision system, CyRo uses real-time depth perception to adapt to unknown objects, even in challenging lighting conditions.
The company manages an extensive supply chain of 400+ parts sourced across 14 countries and plans to expand its manufacturing capacity to deploy one robot system per day and reach a revenue milestone of $22 million by 2027. CynLr’s founder, Nikhil Ramaswamy, envisions creating an “Object Store” platform, similar to app stores, where customers can pick a recipe of applications and object models to have the robot instantly as an expert.
With the current momentum of breakthroughs in CyRo’s capabilities, CynLr aims to substantially reduce costs and drive adoption, bringing it closer to realizing its vision of a “Universal Factory” that can produce customized goods profitably, even at low volumes. This latest funding round is a testament to the company’s potential and its commitment to revolutionizing the robotics industry.
