New Delhi-based robotech startup Peer Robotics has announced that they have secured $2.3 million in seed funding. The round was led by Kalaari Capital while the existing investors who participated include Axilor Ventures, Connecticut Innovations and Innopact VC.
The startup was founded in 2019 by Rishabh Agarwal and Tanya Raghuvanshi with the aim to offer robotic solutions to manufacturing companies across diverse sectors such as automotive, aerospace, fabrication and machining.
The startup will use the fresh funds for research and development initiatives, hire new talent and expand its business in the SME manufacturing industry globally.
The robotics work the startup provides; aimed to utilise 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-sized companies are struggling with the labour shortage today, not to mention high turn-over,” said Rishabh Agarwal, cofounder and CEO of Peer Robotics.
The company also claims that its robots learn from humans in real-time thus, allowing people on the shop floor to easily integrate and deploy solutions.
As per various media sources, 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% between 2020 and 2027, which could be a good sign for Peer Robotics and its competitors.