Robotics firm by NTU graduates raises $5.2m to bolster software offering

Singapore-based Botsync is known for building industrial robots for the manufacturing industry. The startup created MAG, a line of robots that works autonomously to navigate warehouses and factories.

After onboarding companies like Ford, Caterpillar, and Coca-Cola as partners, Botsync is now putting more emphasis on the software side of manufacturing automation.

The Botsync team / Photo credit: Botsync

Rahul Nambiar, CEO and co-founder of Botsync, told Tech in Asia that this shift in focus comes after recognizing a common issue: the difficulty of integrating multiple robots from various companies.

“We used to be robotic hardware vendors ourselves, and the integration challenges we faced with other automation systems in a facility often ended up delaying or derailing our entire implementation,” he adds.

Botsync’s SyncOS, a software that connects various machines regardless of programming language or protocols, is designed to help companies clear this hurdle.

The startup, founded by Nanyang Technological University graduates Nikhil Venkatesh, Prashant Trivedi, Singaram Venkatachalam, and Nambiar, recently secured US$5.2 million in a series A round to bolster its software offering.

The fundraise was led by Capital 2B and Betatron Venture Group. Investors including IvyCap Ventures, AppWorks, Iterative, Wong Fong, ZB Capital, Nalin Advani, and Ascend Angels participated in the round.

Botsync will use the money to expand its commercial presence in key markets and enhance technical support for its customers. The company currently sells its robots in Singapore, India, Thailand, and Indonesia.

Botsync aims to venture further into Southeast Asia and India. After that, the company plans to enter Australia and the Middle East. 

Software to bump up revenue

SyncOS is not new; Botsync has been using the software to integrate its own lineup of robots on a single platform. The company, however, has started to offer a standalone version of SyncOS that can perform the same function with other manufacturers’ hardware.

Botsync expects the software to boost its financials, projecting an over 150% revenue growth rate in 2024 after averaging 130% over the past three years.  But the firm didn’t disclose its revenue details when asked.

India was the largest contributor to revenue growth, Nambiar noted. “More than 40% of our revenue came from India last year.” However, the CEO predicts that Singapore will overtake India this year, estimating that the city-state contribute more than 60% of revenue share.

In the next two years, he expects Southeast Asia to account for about 70% of Botsync’s revenue. Yet he doesn’t see much opportunity to work with other hardware manufacturers in the region.