Existing investors Axilor Ventures, Connecticut Innovations and Innopact VC participated in the funding round led by Kalaari Capital
Peer Robotics will use the fresh funds for research and development activities and expanding its business in the SME manufacturing industry globally
The startup offers robotic solutions to manufacturing companies across diverse sectors such as automotive, aerospace, fabrication and machining, among others
Robotics startup Peer Robotics has raised $2.3 Mn in its seed funding round led by Kalaari Capital. Existing investors Axilor Ventures, Connecticut Innovations and Innopact VC also participated in the funding round.
Peer Robotics will use the fresh funds for research and development activities and expanding its business in the SME manufacturing industry globally.
Founded in 2019, Peer Robotics offers robotic solutions to manufacturing companies across diverse sectors such as automotive, aerospace, fabrication and machining, and home appliance and tooling, among others. Its robots work along with the workforce in manufacturing plants and perform repetitive labour-intensive tasks such as kitting for assembly and assembly line delivery.
“Manufacturers regularly deal with lots of repetitive, labour-intensive tasks that are great candidates for automation. Small and medium-size companies are struggling with the labour shortage today, not to mention high turn-over,” said Rishabh Agarwal, cofounder and CEO of Peer Robotics.
Peer Robotics claims that its robots learn from humans in real-time thus, allowing people on the shop floor to easily integrate and deploy solutions.
Peer Robotics claims to be a part of STANLEY+Techstars Accelerator program. It said that its robotic technology is in the research and development stage for the last year at various manufacturing units based in India and the US.
In the robotics space, it competes with startups such as Ottonomy, CynLr and Genrobotics.
As per a report, the global robotics tech industry was pegged at $62.75 Bn in 2019 and is expected to increase to $189.36 Bn by 2027. The industry is estimated to grow at a CAGR of 13.5% during 2020 and 2027.
Meanwhile, according to an Inc42 analysis, approximately $1.6 Bn was invested in the Indian deeptech industry between 2014 and 2020.
