Mobile robotics firm Peer Robotics announced that it has raised $2.3 million in seed funding led by Kalaari Capital, with participation from existing investors- Axilor Ventures, Connecticut Innovations and Innopact VC.
Peer Robotics Is designed to work with humans, mirroring workflows in manufacturing operations on repetitive tasks; saving time, increasing efficiency and reducing injuries, said the firm in a statement. All repetitive, labour-intensive tasks can be handled by a robot, leaving more cognitive tasks to employees, the company said.
“Manufacturers regularly deal with lots of repetitive, labor-intensive tasks that are great candidates for automation,” said Rishabh Agarwal, co-founder and CEO of Peer Robotics. “Small and medium-size companies are struggling with a 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,” he added.
The company’s robots learn from humans in real-time, allowing people on the shop floor to easily integrate and deploy solutions, stated Peer Robotics. Common industries that use the company’s services include automotive, aerospace, fabrication and machining, and home appliance and tooling.
Peer Robotics says it is part of the STANLEY+Techstars Accelerator program portfolio. The robot technology has been in research and development for the past year at several manufacturing facilities in the U.S. and India.
“Cyber physical systems are ushering a new era where collaborative robots with contextual intelligence, low implementation time, and negligible integration cost will lead industrialization in every sector,” said Ravinder Pal Singh, Partner at Kalaari Capital. “Peer Robotics’ navigation module and heuristic feedback-based learning, offers manufacturers the next generation of smart, content driven and affordable robotic platforms,” he added.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
Source
Img source – Google
