Hyderabad-based Grene Robotics is planning to raise $15 million in a Series A funding. It has initiated discussions with several capital funds, large business houses and crowd-funding firms.<\/p>\n
The company would be using the funding for R&D, customer acquisitions and foray into foreign shores. <\/p>\n
Ideally we would like to raise about $15 million, but depending on investor interests it could be more. We can even go up to $30 million. We are looking at raising funds, mostly growth capital, by April, Grene Robotics Founder and CEO Kiran Raju told BusinessLine.<\/p>\n
The funds will be largely utilised for customer acquisition to raise the order book up to $55 million, he added, but declined to name the funds before deals are signed.<\/p>\n
Grene Robotics had so far invested $6 million raised from family and friends and others, including serial entrepreneur and investor Jay Krishnan.<\/p>\n
The company is also planning immediate forays into countries such as Singapore, the US, Africa and the UK, for which also a part of the funding would be used.<\/p>\n
The companys flagship product GreneOS is a unified Operating System that would be a replacement to enterprise systems in Fortune 1000 companies and Government offices across the world. GreneOS will be able to manage connected robots to maximum efficiency autonomously. <\/p>\n
Kiran Raju, who had worked on building autonomous systems for Defence Advanced Research Projects Agency (DARPA) while doing his Masters at Carnegie Mellon University, was the co-founder of energy efficiency company Valence Energy.<\/p>\n
Valence Energy was later acquired by US-based Serious Materials, which is now called Serious Energy. His second venture, SA Habitat, which was into housing and real estate, got merged with a partner company in 2010.<\/p>\n
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Grene Robotics to raise $15 million in Series A funding by April - BusinessLine<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Hyderabad-based Grene Robotics is planning to raise $15 million in a Series A funding. It has initiated discussions with several capital funds, large business houses and crowd-funding firms. The company would be using the funding for R&D, customer acquisitions and foray into foreign shores. Continue reading