AgriTech Company Niqo Robotics Announces 9 Million USD Funding Injection

Niqo Robotics is a pioneering organization focused on leading a sustainable Agricultural Revolution through the development of AI-powered agricultural robots. The name “Niqo” stands for Victory of the People. Niqo Robotics is committed to liberating the farming ecosystem from unscientific practices and aims to make agriculture more scientific, sustainable, and viable for future generations. Their core activities involve challenging conventional farming methods by creating accessible and reliable AI-powered robots for essential farming tasks such as sowing, spraying, and harvesting. The organization prides itself on the development of in-house agricultural robots that undergo rigorous testing and continuous refinement to ensure reliable performance in real field conditions.

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Niqo Robotics, previously known as TartanSense, a leading player in agritech robotics, recently secured a substantial investment of Rs 74.7 crore or $9 million in a funding round spearheaded by Brida Innovation Ventures. This infusion of fresh capital marks a significant milestone for the Bengaluru-based company, especially considering the three-year gap since its last funding round.

In a proactive move, the board of Niqo Robotics unanimously passed a special resolution. This resolution paves the way for the issuance of 8,577 preference shares at a unit price of Rs 87,090, resulting in a total fundraising of Rs 74.7 crore.

Bidra Innovation Ventures infused Rs 41.5 crore into the venture, while their previous investor, Omnivore Partners, also jumped in with Rs 33.2 crore. This boosts the company’s overall value to around Rs 290 crore or $35 million (post-money).

Thanks to this injection of funds, Omnivore Partners now claims the title of the largest external stakeholder, owning 25.7% of the pie. Following closely behind are Bidra Innovation and Blume Ventures, securing 18% and 10.7% respectively. And let’s not forget the heart and soul of the company, its sole founder Jaisimha Rao, holding onto more than a quarter of the shares.

Established in 2015 by Jaisimha Rao, Niqo Robotics specializes in developing compact agricultural robots equipped with AI-powered computer vision technology, aimed at reducing expenses and enhancing profitability. Last year, the company unveiled its new identity as Niqo Robotics in March.

Niqo Robotics has garnered a total of $16 million in funding, including a $5 million injection during its Series A round from FMC, Omnivore, and Blume Ventures in August 2021. Additionally, it secured $2 million in a Seed round back in 2019.

While the company plans to disclose its financial figures for FY24 later this year, its Indian division, after nine years of operation, predominantly operated in a pre-revenue phase, generating only Rs 1.3 crore in revenue during FY23. Conversely, its losses doubled, reaching Rs 9.8 crore by the end of March 2023.

Niqo Robotics, formerly TartanSense, secured a remarkable Rs 74.7 crore investment led by Brida Innovation Ventures, marking a significant advancement after a three-year funding gap. A special resolution enabled the issuance of 8,577 preference shares, elevating the company’s worth to Rs 290 crore. Stakeholder distribution saw Omnivore Partners as the primary investor, claiming 25.7% ownership. Founded in 2015 by Jaisimha Rao, Niqo Robotics focuses on AI-powered agricultural robotics. With a funding history of $16 million, the company sustains its mission to enhance agricultural efficiency through innovative technology.