The Indian startup, CynLr proclaimed to have amassed INR 5.5 crore in a seed funding round, which was syndicated by VC firms, Arali Ventures, and Speciale Invest, according to a media report.
Early-stage investor GrowX Ventures, Centre for Innovation Incubation and Entrepreneurship (CIIE), which is the technology business incubator of IIM Ahmedabad, and Vijay Kedia, also participated in the funding round, said CynLr in a statement, as reported by the daily news, VC Circle.
The company, which is owned and operated by Vyuti Systems Pvt. Ltd will use the funds to drive research and development (RD) and to boost adoption of its product, CynLr added.ceom
CynLr was established by Nikhil Ramaswamy and Gokul N A, who together worked in National Instruments. The startup mainly builds visual object intelligence for industrial robotics. It plans to offer manufacturing firms with the online platform, which can manage humans as well as objects. The manufacturer can utilize the companys platform without worrying about positioning systems and custom-designed, which is presently mandate for deploying robot.
Since its inception, the company has executed over 30 custom-engineered, machine-vision-based robotic solutions for its customers, CynLr told the daily news.
We believe that CynLrs approach of bringing together machine vision and artificial intelligence (AI) will significantly enhance object intelligence for industrial robots, thus paving the way for greater penetration of robotics application across various industry segments," Managing Partner at Arali Ventures, Rajiv Raghunandan told the daily news.