Peer Robotics has raised $2.3 million in seed funding led by Kalaari Capital, with participation from existing investors Axilor Ventures, Connecticut Innovations and Innopact VC.
“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 the 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.
Peer Robotics is designed to work with humans; mirroring workflows in manufacturing operations on repetitive tasks; saving time, increasing efficiencies, and reducing injuries. The company’s robots learn from humans in real-time allowing people on the shop floor to easily integrate and deploy solutions alongside them with a flexible design, out of box deployment and low maintenance.
While any operation with repetitive tasks is a candidate, common industries include Automotive, aerospace, fabrication and machining, and home appliance and tooling. Typical tasks include warehouse to shop floor; kitting for assembly; and assembly line delivery – all repetitive, labor-intensive tasks that can be handled by a robot leaving more cognitive tasks to employees.
Peer Robotics is part of 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 to industrialization in every sector.” Said Ravinder Pal Singh, Partner, 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.