Chennai Based Torus Robotics Raises $470K in Seed Round Led By TNIFMC
In the funding round Forge Innovation & Ventures, Coimbatore, and SINE (Society for Innovation & Entrepreneurship) at IIT Bombay also participated.
The Startup was founded in 2019 by Vignesh M, Vibhakar Senthil, and Abbhi Vignesh K. Torus Robotics has set its sights on addressing the EV industry's significant reliance on imported powertrain components, such as motors and controllers.
The startup manufactured products are lighter, more compact, and more efficient than traditional alternatives, boasting a 50% reduction in weight and size, along with a 15% increase in efficiency. Their main focus is to enhance the performance of EVs and make them more cost-effective and sustainable.
The raised fund will be used to ramp up Torus Robotics’ research and development operations, ensuring a swift transition of their technologies from the lab to the market, to finance other critical aspects of the business, including innovation and growth.
The pool of fund will help them in scaling up manufacturing, expanding its market reach, and attracting top talent. The funding is also targeted to empower the startup to introduce new products that cater to the changing demands of customers.
In the FLCTD program facilitated by UNIDO (United Nations Industrial Development Organization), the startup has successfully secured funds for applications within the electric vehicle, industrial, and energy sectors.