Bengaluru: Niqo Robotics, an agricultural robotics startup based in Bengaluru, India, has closed US$13 million in Series B funding led by Bidra Innovation Ventures. The round also saw significant investments from new investor Fulcrum Global Capital and existing investor Omnivore. This brings Niqo’s total fundraising to US$21 million.
“Niqo is transforming the landscape of agrochemical spraying by developing precision spot spray technology. Niqo’s innovative solution uses a proprietary AI camera with deep learning models to identify and selectively spray on target plants, reducing chemical usage by up to 90 per cent. This increases profitability for farmers and reduces chemical pollution on farms and food ecosystems. The traditional method of blanket spraying is financially and environmentally unsustainable because of excess chemical usage. Additionally, Niqo’s spot spray technology seamlessly integrates with existing farm equipment, making the upgrade to AI-powered spot spraying effortless,” the tech startup claims.
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“In 2023-24, Niqo successfully commercialised over 90,000 acres of agricultural land, demonstrating real-time chemical savings of up to 60 per cent and benefiting over 1800 farmers. This solidified their position as a global frontrunner in agricultural spot spray technology,” the startup informed.
Speaking on the new investment, Jaisimha Rao, Founder and CEO, Niqo Robotics, said, “With the Series B fund closure, we are made stronger by a syndicate of investors with deep agricultural expertise from three different continents. With their backing, we will expand to new markets and accelerate the commercial adoption of spot spray, globally.”
“Farmer-first solutions, like Niqo’s AI-powered spot spraying technology, are essential for sustainable agriculture. We are thrilled to lead this investment round and help put Niqo’s cutting-edge technology in the hands of more farmers. This aligns perfectly with Bidra’s mission to support founders who develop innovative solutions to sustainably feed a growing population.” Said, Yassine Cherkaoui, CEO, Bidra Innovation Ventures.
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“At Omnivore, we believe global agri-food systems increasingly need climate-smart deep tech solutions. Our continued investment in Niqo underlines our vision that farm robotics can optimise resources and meaningfully increase farmer profits,” said, Mark Kahn, Managing Partner, Omnivore.
Duane Cantrell, Managing Partner and CEO, Fulcrum Global Capital, “Niqo Robotics is our first investment in an India-based company. We are confident that Niqo’s technology has the potential to scale and benefit farmers worldwide. Spot spraying is a win-win for the entire farming ecosystem and with our industry expertise and strategic partners, we can help fuel Niqo’s global growth.”
