Agritech robotics firm Niqo Robotics, formerly known as TartanSense, has announced a significant milestone in its journey by closing a $13 million Series B funding round. Led by Brida Innovation Ventures, this round also saw substantial contributions from new investor Fulcrum Global Capital and existing supporter Omnivore.
Niqo Robotics has now amassed a total of $21 million in funding, building on its previous rounds, which included a $5 million Series A round in August 2021 and a $2 million Seed round in 2019, with investment from FMC, Omnivore, and Blume Ventures.
The company’s ambition with this latest funding injection is clear: to expand into new markets and accelerate the global adoption of its spot spray technology. Jaisimha Rao, founder and CEO of Niqo Robotics, emphasizes the company’s commitment to revolutionizing agriculture by integrating AI-driven computer vision technology into compact agricultural robots. This technology purportedly reduces costs and increases profitability for farmers by enabling precise and targeted spraying of crops.
Niqo Robotics claims that its proprietary AI camera, paired with deep learning models, can identify and selectively spray target plants, reducing chemical usage by up to 90%. In the fiscal year 2023-24, the company asserts that it commercialized over 90,000 acres of land, benefiting more than 1,800 farmers.
Despite its innovative solutions, Niqo Robotics has yet to disclose audited financial numbers for the fiscal year 2023-24. However, according to available information, the nine-year-old firm’s Indian entity remained largely in the pre-revenue stage, with revenue reaching only Rs 1.3 crore during FY23. Simultaneously, losses surged to Rs 9.8 crore, doubling from the previous year.
In terms of ownership, Omnivore Partners holds the most significant external stake in Niqo, with 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. However, with this fresh funding and innovative technology, Niqo is poised to make significant strides in transforming agriculture globally.
