Industrial robotics startup Ati Motors secured $10.85 million (Rs 89 crore) in a Series A funding round, led by Silicon Valley-based True Ventures.
The round also saw participation from new investor Athera Venture Partners along with existing investors Blume Ventures, Exfinity Venture Partners and MFV Partners.
The Bengaluru-based startup will use the funding to expand into markets in the US, Southeast Asia and Europe as well as newer industries such as pharmaceuticals, chemicals, maritime, and injection molding sectors. The company also aims to continue to invest in research and development (R&D) as well.
Founded in 2017, Ati Motors is a deeptech startup that develops autonomous mobile robots inspired by self-driving cars. It uses artificial intelligence, computer vision, and hardware to develop autonomous mobile robots that aid productivity and streamline operations in sectors such as warehousing, logistics, and manufacturing.
“This funding will help in our expansion into new markets and industries," said Saurabh Chandra, chief executive officer, Ati Motors.
The startup counts Bosch, TVS Motors, Ceat and Hyundai amongst others as part of its client portfolio.
Prior to the current funding round, Ati Motors had raised $3.5 million in a pre-series A funding round led by Blume Ventures, Exfinity Venture Partners, and MFV Partners in 2021. The company has also received seed funding from Village Global, an early-stage fund based in the Bay Area and backed by Bill Gates, Mark Zuckerberg, and Jeff Bezos, among others.
Meanwhile, existing investor Blume Ventures marked the first close of its new opportunity fund, Fund 1Y last month. The early-stage venture capital firm, which has backed more than 150 startups including Unacademy, Spinny, Slice, Grey Orange, Turtlemint, Carbon Clean and Servify among others, marked the first close of its third growth fund. The firm has already raised Rs 200 crore of the Rs 400 crore target.