May 15, 2024: Startup Niqo Robotics has has secured $13 million in Series B funding to expand into new markets and boost the commercial adoption of spot spray.
The Bengaluru-based startup uses a proprietary AI camera with deep learning models to identify and selectively spray on target plants, reducing chemical usage by up to 90%.
Niqo Robotics has successfully commercialised over 90,000 acres of land, demonstrating real-time savings of up to 60% on chemicals and benefiting over 1,800 farmers in 2023-24, it said in an official communique.
Established in 2015 by Jaisimha Rao, Niqo’s spot spray technology deploys computer vision, deep learning, and AI on the edge to selectively spray agrochemicals on the target plant without spraying on soil.
“With the Series B fund closure, we are made stronger by a syndicate of investors with deep agricultural expertise from three different continents,” said Jaisimha Rao, Founder and CEO, Niqo Robotics. “With their backing, we will expand to new markets and accelerate the commercial adoption of spot spray, globally,” he added.
Niqo Robotics First Farmer AI Solutions Helps More than 1800 Farmers
“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.
The fresh round of capital investment led by Bidra Innovation Ventures also attracted investments from new investor Fulcrum Global Capital and existing investor Omnivore. Niqo has so far raised a total of $21 million from Beenext, Bidra Innovation Ventures, Blume Ventures, FMC Corporation, Fulcrum Global Capital, and Omnivore in Seed, Series A, and Series B funding.
