Funding gap slows down startups aiming for global robotics club

#News(Startup) [ via IoTGroup ]

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Funding gap slows down startups aiming for global robotics club
DAVID VS GOLIATH
EARLY DAYS

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GreyOrange is the best-funded startup in this space after a series C round of $140 million last year.
Mitra and Mitri are humanoid robots greeting visitors at banks, restaurants and tech events in India.
Their maker, Bengaluru-based Invento Robotics, is eyeing a series A round for expansion into new markets.
Apart from GreyOrange, robotics startups in India are still at an early stage, even though a number of them have been founded in the last five years.
“It’s not that we haven’t met good Indian robotics startups.
Some are still at a phase where they’re also developing and figuring out which direction to go,” says Vasu, whose company, Swiss-Swedish giant ABB, is a leading manufacturer of industrial robots and invests in startups when there is collaborative potential.
The relatively nascent funding scenario for robotics startups in India makes it a David VS Goliath battle as they take baby steps into global markets.
Chinese startup UBTech Robotics, whose humanoid robots hold the world record for most robots dancing simultaneously, had an $820 million funding round last year, which eclipses the total funding so far for all robotics startups in India.
“A robotics startup requires significant domain experience.
Robotics startups spend a lot of time and resources on R&D,” says Vivek Kumar, co-founder of Excubator.
It’s early days for others like humanoid, educational or medical robots.
Tracxn data shows that while industrial robotic startups in India have raised $216 million, consumer robotics funding is heavily skewed towards the US and Japan, with Israel and South-East Asia starting to make inroads.
“In 2019, more than 25 venture capital funds and enterprises chose robotics as one of their focus areas to find startups on the Excubator platform, which is higher than last year,” says Kumar.
But this is changing as Indian engineers are exposed to different parts of the robotics value chain in global organizations, see what’s lacking and launch startups

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