Endless Robotics raises $100K in seed funding
Endless Robotics Pvt Ltd, a Hyderabad-based startup working on interior painting automation solutions for real estate projects, has secured $100,000 (around Rs 67 lakh) in a seed funding round.
The round was led by New York-based angel investors Devidas Desai and Vipul Gautam, the startup said in a statement. The Singapore Angel Network also participated in the round facilitated through the investment platform Termsheet.io.
The startup will use the funds for product development, hiring and training personnel, and launch a pilot service, co-founder Srikar Reddy said.
Endless Robotics was founded in October 2015. Its founding team comprises BITS Pilani graduates Reddy, Puneeth Bandikatla, Nitesh Boyina and Akhil Varma as well as Ravi Teja Yaramaneni, an alumnus of the International Institute of Information Technology, Hyderabad.
â€‹"Robots can soon be a very real part of our everyday future by focusing on solving problems related to something as fundamental as building and maintaining modern-day homes and offices," said Reddy.
Endless Robotics estimates the size of the total addressable market for painting jobs in India at $3.6 billion, of which a third is in the major cities.
"The problem of availability as well as rapidly rising wages of skilled labour in India is becoming an impediment to growth in the sector. Such technology will play a pivotal role in catapulting some of the government's flagship initiatives," said Satveer Thakral of the Singapore Angel Network.
The startup is aiming at a commercial rollout of its robot in a couple of weeks. It is also working on a prototype version of a robot that can do exterior painting in buildings and intends to bring out this robot within four months.
"We are hiring more engineers to work on the exterior painting robot and that is our next endeavour," said Reddy.
Termsheet.io was founded in 2013 by Sonia Pradhan and National Law School alumnus Vivek Durai. It is an early-stage fundraising platform that connects angel investors and startups. It claims to have a network of about 450 investors.