Agriculture robotics startup Niqo Robotics Wednesday said it has raised $13 million (Rs 109 crore) in its Series B funding round that was led by Bidra Innovation Ventures.
The round also saw investments from new investor Fulcrum Global Capital and existing investor Omnivore.
This funding round brings Niqo’s total fundraising to $21 million. Its other investors include Beenext, Blume Ventures and FMC Corporation.
The Bengaluru-based startup plans to use the funds to enter new markets.
The company will expand to new markets and accelerate the global commercial adoption of spotspray, said Jaisimha Rao, founder and chief executive officer, Niqo Robotics.
Niqo claims that it is changing agrochemical spraying by developing precision spot spray technology. Its solution uses a camera with deep learning models to identify and selectively spray on target plants. It claims that its technique reduces chemical usage by up to 90% and increases profitability for farmers and reduces chemical pollution in farm and food ecosystems. Its spot spray technology integrates with existing farm equipment, making the upgrade to spot spraying easy.
“Niqo Robotics is our first investment in an India-based company…Spot spraying is a win-win for the entire farming ecosystem and with our industry expertise and strategic partners, we can help fuel Niqo’s global growth.” said Duane Cantrell, managing partner and chief executive officer of Fulcrum Global Capital.
Founded in 2015 by Rao, the company claims to have commercialised over 90,000 acres in the financial year through March 2024, which benefited 1800 farmers.
“Farmer-first solutions, like Niqo’s AI-powered spot spraying technology, are essential for sustainable agriculture…This aligns perfectly with Bidra’s mission to support founders who develop innovative solutions to sustainably feed a growing population,” said Yassine Cherkaoui, chief executive officer of Bidra Innovation Ventures.
