Agri-based Niqo Robotics Collects $13 million in series B Funding round

Niqo Robotics which was formerly known as TartanSense, an agritech robotics company, revealed on Tuesday that it has secured $13 million in funding through a Series B round. Brida Innovation Ventures spearheaded the investment, with notable contributions from Fulcrum Global Capital, a new investor, and Omnivore, an existing investor.

Niqo has raised a total of $21 million in funding, which includes a $5 million investment in the Series A round from FMC, Omnivore, and Blume Ventures in August 2021, as well as a $2 million Seed round in 2019.

Niqo Robotics, under the leadership of Jaisimha Rao, is poised to enter new markets and drive the widespread adoption of spot spray technology on a global scale. The company's innovative agricultural robots, equipped with AI-powered computer vision technology, are designed to lower expenses and enhance revenue streams. By utilizing a unique AI camera and advanced deep learning algorithms, Niqo Robotics aims to accurately identify and precisely target plants for spraying, resulting in a significant reduction in chemical usage of up to 90%.

Niqo aims to commercialize more than 90,000 acres of land and provide benefits to over 1,800 farmers in the year 2023-24. However, the audited financial numbers for FY24 have not been disclosed yet. The Indian entity of this nine-year-old company has primarily operated in the pre-revenue stage, generating revenue of only Rs.1.3 crore during FY23. On the other hand, its losses have increased by 2X, reaching Rs.9.8 crore.

Omnivore Partners holds the largest external stake in Niqo at 25.7%, followed by Brida Innovation at 18% and Blume Ventures at 10.7%. For further information, please refer to TheKredible. Niqo competes with Zenrobotics, SwarmFarm, and Ecorobotis, among other companies.