TL;DRAmbani-backed Addverb Technologies is raising $100M+ to build humanoid and quadruped robots and AI training systems. The Indian company ranks outside the global top 30 and has yet to report a net profit. Revenue is projected at $136M this year.
Addverb Technologies, the Indian robotics startup controlled by Mukesh Ambani’s Reliance Industries, is seeking to raise more than $100 million to fund development of humanoid and quadruped robots and build the AI systems to train them. CEO Sangeet Kumar told Bloomberg the raise is the company’s first major fundraising effort since Reliance’s $132 million investment in 2021.
The company currently makes robots for sorting, material movement, and factory automation at logistics firms, warehouses, and electronics companies. It operates across more than two dozen countries, with half its revenue coming from outside India.
The ambition
“We want to be in the top 10 in the next five years and top five in the next 10 years,” Kumar said. Addverb estimates it currently ranks just outside the global top 30 in robotics market share by revenue.
