2 March, 2016, Bangalore: Robotics firm Systemantics has acquired funding from Nandan Nilekani, Co-Founder, Infosys and Accel Partners. The company which excels in making industrial robots for the manufacturing sector, had raised funding from Blume Ventures in its previous round.
Founded by Jagannath Raju in 1995, company raised the latest round a few months ago. Systemantics is the seventh firm which has been funded by Nilekani. Co-Founder of Infosys has been an active investor and recently, has invested in lots of startups.
Over the past 12 months, Nilekani has also backed Team Indus, Fortigo, Mubble, Juggernaut, Lets-Venture and Power2SME. Nilekani has co-invested in a number of these ventures with Accel, including Fortigo and Power2SME. “I do a few, very select investments, reports ET.
Confirming the news of investment, Raju stated that both the firms have invested in Systemantics but on the other hand, Anand Daniel, a partner at Accel Partners India, refused to comment anything on the development.
“Systemantics is Make In India truly at work, with India’s cost structure advantages and innovative design efficiency at full strength. This core belief drove our decision to back them. Their seasoned management team’s executional ability, coupled with deep-tech IP, could eventually challenge global incumbents,” said Sanjay Nath, managing partner at Blume Ventures, the company which backed up Systemantics in 2013.