Industrial robot maker Haber on Tuesday announced raising $20 million (about Rs 149 crore) in a funding round led by Ascent Capital.
Accel, Elevation Capital, Beenext, Temasek partner Mukul Chawla and the founders of GreyOrange, another robot as a service company, SamayKohli and Akash Gupta, also participated in the round, according to a statement.
The Pune-based company, which develops artificial intelligence-based solutions to drive sustainability by focusing on water saving and emissions, will use the funds to expand its reach across new geographies and industries.
This is the second round of funding for the company founded by Vipin Raghavan, and the overall funds raised till now has touched $27 million.
After launching in 2017, it claimed to have helped save fifty billion litres of water for clients and eliminate half a million of carbon emissions. Post-funding, it is targeting to save over 400 billion litres of water in the next two years and to deploy over 10,000 of its 'eLIXAs' robots in the next five years.
''Industrial automation is the next big global opportunity and we are excited to partner with Haber, a leader in this space. Haber has a compelling value proposition, with its superior proprietary technology, exceptional multi-disciplinary team and deep subject expertise, to disrupt this space not just in India but globally,'' Founder and Chief Executive of Ascent Capital Raja Kumar said.
Vivek Mathur, Partner at Elevation Capital, said Haber is driving the change in the manufacturing industry through its customer-friendly technology, while Accel's principal Pratik Agarwal said the company has brought forward a well designed AI solution that supports manufacturing in battling resource shortages and inefficiencies, boosting the economy.
(With inputs from PTI)
