100X.VC's Portfolio Company, Accio Robotics Raises Funds
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Robotics automation company Accio Robotics, focused on designing and manufacturing autonomous mobile robots, announced on Monday to have raised a fresh round of funding from marquee angel investors. The funding round was led by Uday Sodhi, co-founder, Founder's Room Capital along with other marquee investors including Jignesh Kenia, Utpal Doshi, Girish Jain, and Pankaj Bhargava and other investors from angel investors from CIO Angel Network.
Accio Robotics, founded by Tuhin Sharma and Pranav Srinivasan, alumni of Vellore Institute of Technology (VIT) launched in 2020 and is a 100X.VC Class 03 portfolio company. Accio is building autonomous mobile robots that is capable of carrying out material handling of goods from one point to another without human intervention.
“This fresh round raised by Accio Robotics is a great step in the right direction for our company. The trust and the faith is shown by our investors in us only give us more confidence to build a successful deep tech company in the Indian ecosystem. This investment will not only help us strengthen our product development efforts, but will also provide a platform for Accio to be able to penetrate a wider market with much more widespread impact,” stated Tuhin Sharma, co-founder, Accio Robotics.
Material handling is an extremely wasteful and non-value added process in any industry and Accio Robotics aims to make this process as efficient as possible, by spending the least amount of capital using their robots. Their products are best suited to industries such as warehousing, manufacturing, pharma, packaging, FMCG, and e-commerce and are designed to operate and function in a conventional India shop floor, the platform shared.
“Accio Robotics is an exciting startup in the Autonomous Mobile Robot space. We at Founders Room Capital believe in backing smart and passionate founders in high-tech areas with huge market potential. AMRs is a need for every manufacturing and logistics company that is looking to reduce costs and improve efficiency through automation. We were really impressed by Tuhin and Pranav and the product that they are building,” remarked Uday Sodh, co-founder, Founder's Room Capital.
“We are delighted to be the first institutional investor in Accio Robotics, which will simplify and disrupt the way in which material handling will happen across a range of industries from warehousing and hospitals to office parks. At 100X, we fund and nurture path-breaking startups and Accio Robotics, with its unique technology, is well placed to become a pioneer and leader in the autonomous mobile robot space,” commented Ninad Karpe, partner, 100X.VC.
Accio Robotics is an on-demand automation company that provides automation for material movement processes across industries. Accio aims to enable industry-wide automation adoption by manufacturing and deploying state-of-the-art hardware and software automation solutions. Autonomous robots built by Accio help in cutting the lead times and also helps in aiding humans as well as at the same time reducing human error when deployed in incidental tasks, the platform further shared.