CynLr Raises USD 10 Million for Robotics Expansion

Bengaluru, Nov 5 (PTI) Bengaluru-based robotics startup CynLr (Cybernetics Laboratory) on Tuesday said it has raised USD 10 million in a fresh round of series A funding led by Pavestone and Athera Venture Partners, bringing its total funding to USD 15.2 million.

Existing investors Speciale Invest, Infoedge (Redstart) and others also participated in this round of fundraising, it said.

"CynLr will now expand its 60-member core team into a 120-member global team. Along with expanding its Research and Software-Dev team, CynLr will be hiring Business and Operational Leaders, Marketing and Sales Teams across India, US and Switzerland," the company said in a statement.

According to the company, with the new round of funding, CynLr will focus on enhancing its hardware reliability, improving user experience by enhancing its software performance and reducing costs for the customer.

"CynLr manages an extensive supply chain of 400+ parts sourced across 14 countries and will expand its manufacturing capacity to achieve the goal of deploying one robot system per day and reach the USD 22 million revenue milestone by 2027, " says Gokul NA, Founder - Design, Product and Brand, CynLr.