With the help of Creaegis, BEENEXT, and Accel, industrial robotics manufacturer Haber has raised $44 million in its Series C round. The round included $6 million in debt and $38 million in equity.
To meet the demand for AI-led industrial automation solutions, the company will use the proceeds to expand its operations abroad, especially in the US.
The AI-powered industrial robots developed by Haber, which was founded by Raghavan, Arjunan PN, and Priya Venkat, automate labor-intensive processes such as sample collection, measurement, analysis, and factory intervention.
Haber’s website states that it assists businesses in the food and beverage, oil and gas, and agricultural sectors in lowering their use of chemicals, energy, and water.
The business has raised more than $70 million so far, including a $20 million Series B round in November 2021 led by Ascent Capital and including Accel, Elevation, and Beenext. Accel holds an 18.1% stake, making it the largest external stakeholder. Creaegis and Elevation follow.
Although FY24 figures have not yet been released, Haber reported a Rs 82 crore total revenue and a Rs 36.7 crore loss in FY23. Its direct rivals include Fero Labs, Altizon, and Detect Technologies, which is supported by Prosus.
ITC, Aditya Birla, and Tata Steel are among Haber’s customers. Among its offerings are automation services for chemical dosing in a variety of settings, such as mines, sugar mills, distilleries, paper mills, breweries, and independent institutions.
