Robotics startup CynLr has raised $10 million in a Series A funding round led by Pavestone and Athera Venture Partners, previously known as Inventus India, bringing its total funding to $15.2 million. Existing investors, including Speciale Invest and InfoEdge’s Redstart, also participated in this round, said a statement.
CynLr, which specialises in robotics for flexible manufacturing, plans to double its team from 60 to 120, with a focus on expanding its research and software development teams as well as its business, marketing, and sales divisions across India, the United States, and Switzerland.
Bengaluru-based startup said that investment follows strong interest in its flagship technology, CyRo, which has reportedly received positive feedback from manufacturers keen to adopt automation for low-volume, customised production.
“With the CyRo form factor receiving a resounding response from customers, technology-market fit has been firmly established,” said Gokul NA, CynLr’s founder responsible for design, product, and brand.
The new funds will support CynLr’s efforts to enhance hardware reliability, improve software performance, and lower costs for customers. CynLr also aims to expand its manufacturing capacity to deploy one robot system per day, with a target revenue of $22 million by 2027.
The company said that it plans to direct additional funds towards advanced research and development. Co-founder Nikhil Ramaswamy stressed about the ongoing collaborations with automotive firms such as Denso and General Motors, which are exploring CynLr’s robotics for broader plant automation.
Ramaswamy also outlined the company’s vision for an “Object Store,” a platform similar to an app store for robotics, enabling customers to select applications tailored to specific tasks.
CynLr recently opened a Design & Research Centre at the Unlimitrust Campus in Prilly, Switzerland, during Swiss Indian Innovation Week in late September. The Swiss centre will work closely with research partners EPFL LASA (Lausanne) and CSEM (Neuchâtel).
