Autonomous driving startup Swaayatt Robots has secured $4 million in its second funding round, with the investment coming from unnamed US-based investors. Founder Sanjeev Sharma announced on LinkedIn that this infusion of capital values the Bhopal-based startup at approximately $151 million.
Future Funding and Expansion Plans
This recent funding is part of a larger round, with Swaayatt Robots aiming to raise additional funds at a valuation of about $175 million. Sharma anticipates securing an additional $50 million in a pre-Series A round within the next 6-7 months. According to a report by Analytics Drift, the startup plans to expand its operations to North America, the UK, and the Middle East.
“Going forward, we will be significantly scaling up our R&D in all frontiers of autonomous driving, specifically pushing the boundaries in unsupervised and (inverse) reinforcement learning to showcase our sustainably scalable Level-5 autonomous driving technology architecture,” Sharma stated in his LinkedIn post.
Swaayatt’s Journey and Technological Edge
Founded in 2015, Swaayatt Robots has developed proprietary algorithms with unique capabilities in autonomous navigation, even on India’s notoriously chaotic roads. The startup previously raised $3 million from an undisclosed US-based investor in 2021 and has since demonstrated over 80 instances of human-less driving vehicles.
Swaayatt aims to achieve Level 5 autonomous driving, the highest level defined by the Society of Automotive Engineers International, but has yet to publicly demonstrate the full extent of its capabilities. During its bootstrapped phase, Sharma invested INR 80 lakh into the startup, establishing a pioneering position in AI and autonomous driving. The company claims significant advancements, including LiDAR-less perception and night operation capabilities.
“Throughout the self-funded phase (2016 – 2021), we demonstrated our robust perception algorithmic frameworks, extending capabilities beyond what was imaginable at that time, including pioneering LiDAR-less perception and ensuring night operations as well,” Sharma shared.
The Autonomous Vehicle Market and Competitors
While driverless cars are not yet a reality in mass production, projections indicate that the autonomous vehicle market could become a $300 billion to $400 billion revenue opportunity by 2035. Swaayatt Robots is among several Indian startups, including Minus Zero and Flux Auto, working on autonomous driving technologies. However, Sharma asserts that Swaayatt’s Level 5 AV technology, which consumes 80% less energy than competitors, sets it apart.
Broader Funding Trends
The funding for Swaayatt Robots comes during a period of muted investment trends in the startup ecosystem. For instance, startup funding fell by over 55% week-on-week to $97.3 million during June 3-8. Indian startups secured these funds across 10 deals, significantly fewer than the 31 deals recorded the previous week.
Despite the broader funding slowdown, Swaayatt Robots’ successful raise and ambitious plans highlight the ongoing interest and potential in the autonomous driving sector. The company’s focus on advanced R&D and international expansion positions it well to capitalize on the growing market for autonomous vehicles.
