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Niqo Robotics Secures $9 Million Funding Led by Brida Innovation Ventures, Valued at $35 Million Post-Money

Niqo Robotics

Agritech robotics company Niqo Robotics, formerly known as TartanSense, has secured a funding round totaling Rs 74.7 crore ($9 million), marking its return to the investment landscape after a three-year hiatus. The Bengaluru-based firm’s regulatory filing reveals a special resolution by its board to issue 8,577 preference shares priced at Rs 87,090 each.

Brida Innovation Ventures led the investment with Rs 41.5 crore, while existing investor Omnivore Partners contributed Rs 33.2 crore. TheKredible, a startup data intelligence platform, estimates Niqo Robotics’ post-money valuation at approximately Rs 290 crore ($35 million). Following this funding, Omnivore Partners emerges as the largest external stakeholder with 25.7%, followed by Brida Innovation Ventures at 18% and Blume Ventures at 10.7%.

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Founder Jaisimha Rao retains over a quarter of the company. Established in 2015, Niqo Robotics specializes in developing AI-powered agricultural robots designed to cut costs and boost profitability through computer vision technology. The company rebranded as Niqo Robotics in March of the previous year. Niqo Robotics has amassed a total of $16 million in funding, including a $5 million Series.

A round in August 2021 from FMC, Omnivore, and Blume Ventures, along with a $2 million Seed round in 2019. While its financial performance for FY24 will be disclosed later, the company’s Indian entity has primarily operated in the pre-revenue stage, reporting only Rs 1.3 crore in revenue for FY23 alongside a doubling of losses to Rs 9.8 crore in the fiscal year ending March 2023.