In this podcast series, co-produced by vegconomist, Alex Shandrovsky interviews investors about benchmarks for funding Alt Proteins in 2024 and uncovers the investment playbooks of successful Climate Tech CEOs and Leading VCs.
Podcast Host Alex Shandrovksy is a strategic advisor to numerous global food tech accelerators and companies, including alternative protein and cellular agriculture leaders. His focus is on investor relations and post-raise scale for agrifood tech companies.
Episode 9: Jaisimha Rao of Niqo Robotics
In this episode, Alex talks to Jaisimha Rao, founder and CEO of Niqo Robotics which is a robotics solutions pioneer that is poised to lead a sustainable Agricultural Revolution in India through AI-powered agricultural robots. Having recently raised $21 million with the latest $13 million round closed in March 2024, Jaisimha highlights how Niqo Robotics secured funding from venture capitalists and how a million dollar convertible note became a 5 million lead check.
Key Facts Niqo Robotics:
- Goal: To revolutionize crop care spraying in agriculture through their flagship AI-powered Spot Spray Technology made possible by a proprietary agriculture camera.
- Recently raised $21 million with the latest $13 million round closed in March 2024.
- Fulcrum Global Ventures and Bidra Innovation Ventures as lead investors.
Alex’s Top Findings:
1. Building Strong Relationships: Utilizing a network to get introductions to key investors is essential. By leveraging connections and attending industry events, Niqo Robotics was able to get in front of the right people who could fund their vision. Spending time building relationships with potential investors, ensuring that they were not only selling the idea but also creating a connection based on trust and mutual goals helped a lot. This relationship-building was crucial in securing the lead investors.
2. Role of Convertible Notes. The use of convertible notes played a crucial role in Niqo Robotics’ early fundraising strategy. They provided flexibility, attracted early investors with favorable terms, simplified the legal process, and helped the company reach important milestones without immediate dilution of equity. This approach not only secured initial funding but also positioned Niqo Robotics for successful larger rounds in the future.
3. Proven Traction. Before approaching VCs, Niqo Robotics had already demonstrated traction. They had working prototypes and initial customer feedback, which provided evidence of market demand and the feasibility of their technology highlighting how their robots could revolutionize sustainable farming practices. The unique value proposition and potential for disruption in the agriculture sector were key factors in attracting VC interest.
4. Compelling Pitch. The pitch to VCs was well-prepared, focusing on the market opportunity, technological innovation, and the team’s capability to execute the plan. Emphasize the scalability of the business and the potential for significant returns on investment.
5. Clear Use of Funds. Niqo Robotics clearly outlined how the funds would be used to achieve key milestones. This included expanding the team, scaling production, and accelerating go-to-market strategies. This clear roadmap helped VCs see the potential impact of their investment.
Find the most recent episode of this podcast series here and previous episodes here.
