National, 1st May 2024: Venture Catalysts, India’s premier integrated incubator and a leader in early-stage investments, today announced that it has led a pre-seed funding round for Perceptyne. This investment round also included participation from notable figures in the deeptech hardware startup community, including Tarun Mehta and Swapnil Jain of Ather, and Pawan Chandana and Bharat Daka of Skyroot Aerospace. Other notable investors include T-Hub, Z21 Ventures, Naveen (Founder-My Ally), Satya (Founder-Bluecopa), and Aditya Damani (Founder-Credit Fair).
Perceptyne, a deeptech AI & Robotics startup, emerges from stealth mode. Pioneering India’s first Industrial Humanoid Robots for revolutionizing factory floor automation. Their products are designed to perform tasks demanding human-like dexterity, such as product assembly, e-commerce packaging, and commercial kitchen operations—areas where traditional robots fall short. The company is innovating and building a vertically integrated full stack Robotics platform centered around AI.
Commenting on the funding, Dr. Apoorva Ranjan Sharma, Co-founder, and Managing Director of Venture Catalysts++ stated, “Venture Catalysts is proud to lead the pre-seed funding round for Perceptyne, a company that exemplifies the innovative spirit we seek in our investments. Perceptyne’s groundbreaking approach to industrial automation with humanoid robots is set to transform the sector, and we are excited to support their journey. Our investment reflects our belief in their vision to automate tasks with precision and their potential to scale rapidly in the EMS and Automotive industries. The expertise of Perceptyne’s founding team, their technological advancements, and their strategic business model align with our commitment to fostering disruptive technologies. We look forward to seeing Perceptyne’s impact on the industry and are confident in their success as they redefine what’s possible in robotics and automation.”
Raviteja, Co-Founder & CEO from Perceptyne, expressing delight over receiving the funding, stated, “At Perceptyne, we are on a mission to redefine the automation landscape with our Innovative Industrial Humanoid Robots. This funding led by Venture Catalysts is a testament to the confidence in our vision and technology. Our Industrial Humanoid Robots are set to revolutionize industries that have long awaited such innovation. We are grateful for the support from industry stalwarts and our esteemed investors. It fuels our commitment to democratize automation. With this investment, we are poised to accelerate our product development and pilot deployments, particularly in the EMS and Automotive sectors.”
The automation market is vast, with a global automation market valued at USD 18 billion annually and growing at a CAGR of 12.3%*. In addition, the manufacturing sector in India is poised for rapid growth due to the China+1 strategy and aided by government push through schemes like PLI. Perceptyne is well positioned to meet the surging demand for automation both global and domestic. The founders of Perceptyne (Raviteja Chivukula, Jagga Raju Nadimpalli, Mrutyunjaya Nadiminti) bring with them vast experience in Deeptech Product development, Production, Marketing and Sales across various industries including Aerospace, Industrial Automation, Automotive and Electronics after graduating from prestigious colleges like IIT Madras and BITS Pilani.
Perceptyne’s industrial humanoid robot features dual arms with seven degrees of freedom each and five-fingered end effectors, complete with tactile sensing and force feedback. This innovation is set to transform the EMS and Automotive industries with key benefits being:
1. Reduction in automation implementation time by 90%.
2. Eliminating a need to pause production while implementing automation.
3. Minimal infrastructure and workflow restructuring needed during implementation.
Through this strategic investment, Venture Catalysts reaffirms its commitment to nurturing innovation and supporting the growth of trailblazing companies like Perceptyne, poised to redefine the landscape of industrial automation.