Niqo Robotics, a startup founded in 2015 specializing in agricultural robotics, has secured $13 million in Series B funding led by Bidra Innovation Ventures. New investor Fulcrum Global Capital and existing backer Omnivore also participated in the investment, taking the total funding raised to $21 million.
Niqo Robotics develops AI-enabled solutions for farming efficiencies in a more sustainable way. The company’s proprietary technology, developed by deep learning AI cameras, is capable of reducing agrochemical use by up to 90%, which may save farmers up to 60% of costs spent on chemicals. Such a selective spraying system will hence contribute to the reduction of environmental impacts.
The company’s technology has been commercialized over 90,000 acres, benefiting more than 1,800 farmers to date, using computer vision and AI to differentiate plants from soil and thereby ensure targeted application. Such an application of robotics and AI is able to move agriculture forward in a sustainable way.
Words from those involved in the funding round:
“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.”
— Jaisimha Rao, Founder and CEO of Niqo Robotics
“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.”
— Yassine Cherkaoui, CEO of Bidra
Featured image: Credit Niqo Robotics
