Peer Robotics Raises $2.3 Million in Seed Funding Led by Kalaari Capital

Mobile robotics startup Peer Robotics has raised $2.3 million in a seed funding round led by Kalaari Capital. According to the statement issued by the company, the round witnessed participation from existing investors such as Connecticut Innovations, Axilor Ventures, and Innopact VC. 

Commenting on the funding, CEO and cofounder Rishabh Agarwal, Peer Robotics said,  “Manufacturers regularly deal with lots of repetitive, labor-intensive tasks that are great candidates for automation. Small and medium-sized companies are struggling with the labor shortage today, not to mention high turn-over. Also, many operations are still manual with employees operating at a high risk of injuries and fatigue. Solutions to date have been too expensive and complex.”

Established in 2019, the firm was cofounded by Rishabh Agarwal and Tanya Raghuvanshi with the aim to offer robotic solutions to manufacturing companies across diverse sectors such as automotive, machining, and aerospace. 

A part of Stanley+Techstars Accelerator programme portfolio, the startup’s robots learn from humans in real time. This will allow people on the shop floor to integrate and deploy solutions in an easier way, alongside a flexible design, low maintenance, and out of box deployment. 

The global robotics tech industry is expected to increase to $189.36 billion by 2027 with the industry estimated to grow at a CAGR of 13.5% between 2020 and 2027.