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Warehouse automation startup ArkRobot will get $350K (INR 2 Cr.) in equity funding for winning Qualcomm’s, QPrize Make in India contest.
Department of Industrial Policy and Promotion (DIPP) and Qualcomm Inc. announced the winner at the ongoing Make in India week. The prize was given by Qualcomm Venture, an arm of Qualcomm Inc.
ArkRobot emerged winner from the 5 finalists shortlisted by the panel. The other 4 finalist startups were FrodoCam, Cardiac Design Lab, Threye Interactive and Teraflight Data Labs.
ArkRobot is a cutting edge technology developed by iFuture Systems, a Bangalore-based Industrial Automation company. After hitting success with machine vision systems, the company ventured into robotics with an intent to solve the problems of warehousing and ecommerce order fulfillment segments.
Karthee Madamsay, Qualcomm Venture VP, said that the prize money was a part of the $150 Mn investment committed last year during PM Narendra Modi’s Silicon Valley visit. Through this fund the company has already invested in three companies; QPrize would be the fourth.
Qprize Make in India was judged by a panel including DIPP secretary Amitabh Kant, Qualcomm India president Sunil Lalvani, Infosys co-founder Kris Gopalakrishnan, Karthee Madamsay, QikPod founder Ravi Gururaj.
The competition attracted participants from nearly 500 startups.
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The post Automation Startup ArkRobot Wins QPrize; Bags $350K Funding From Qualcomm appeared first on Inc42 Magazine.
