Robotics startup CynLr eyes $75 million raise, targets break-even before 2030 IPO

Robotics startup CynLr eyes $75 million raise, targets break-even before 2030 IPO | Exclusive CynLr is looking to raise a total of $75 million in phases, beginning with an immediate $40 million round, followed by another $35 million. Of this, around $20 million is required as operational capital to scale to $45-50 million in revenue and reach break-even. Founder Gokul NA said that the round will be a mix of debt and equity, and the company is seeking a higher valuation than its previous raise in November 2025. By Meghna Sen Homegrown deeptech robotics startup CynLr, also known as Cybernetics Laboratory, is kick-starting a fresh $75 million fundraise as it targets deploying 300 robotic systems annually by 2028 and achieving break-even with gross margins of around 60%. CynLr is looking to raise the amount in phases, beginning with an immediate $40 million round, followed by another $35 million. Of this, about $20 million will be deployed as operational capital to scale revenue to $45-50 million and achieve break-even. Speaking to CNBC-TV18, CynLr founder Gokul NA said that the round will be a mix of debt and equity, and the company is seeking a higher valuation than its previous raise in November last year. The startup currently has a runway of 16-18 months. However, Gokul said existing capital will not be enough to meet its 2028 goals. The next round will primarily fund supply chain investments, infrastructure expansion and capacity building, along with deeper customer scaling. While India's IPO market is active, Gokul believes a listing is unlikely before 2030. As a deeptech firm, CynLr may not fit easily into India's current valuation frameworks, which are largely revenue and profit focused. "We need to reach a break-even model before we can even consider an IPO," he said, adding that an early listing could restrict the company's long-term ambitions unless there is a structural shift in how deeptech firms are valued. CynLr builds what it calls an "object intelligence" stack, combining hardware, visual sensing and AI to enable robots to handle unfamiliar objects intuitively. The company positions itself as both a robotics and intelligence firm, building the full stack rather than separating hardware and software. The goal is to solve one of manufacturing's biggest unsolved problems: enabling machines to manipulate objects with the same adaptability as humans, from handling transparent materials to inserting screws without error. On global expansion, CynLr operates in the US and Switzerland. Gokul described Switzerland as highly responsive and supportive from a regulatory standpoint, while the US offers process maturity but requires capital and legal support to move quickly. In India, he flagged regulatory and customs bottlenecks, especially around R&D imports and IP structuring. High import duties and limited differentiation between R&D labs and traditional businesses significantly increase costs, making deeptech scaling more capital intensive. On trade dynamics, he said EU policy changes have improved cash flows by easing VAT-related lock-ins, while clarity is still evolving around India-US trade developments. Edited excerpts from the interaction: Q: You are targeting around 300 systems per year by 2028. What kind of capital will be required? A: In total, we are looking to raise $75 million. Around $20 million in operational capital can take us to $45-50 million in revenue and break-even at about 60% gross margins. We are starting with a $40 million raise now and will raise another $35 million later. It will be a mix of debt and equity. Q: Are you going for another fundraise after November's round? A: Yes. We are officially kick-starting a new fundraise now, at a higher valuation than the previous round. Q: What is your current cash runway? A: We have about 16-18 months of runway. But to reach our 2028 goals, we need to invest significantly in supply chain, infrastructure and capacity expansion. Q: Any IPO plans? A: Not before 2030. We need to be break-even first. Also, India does not yet have a NASDAQ-like ecosystem for deeptech valuations. An early IPO could limit our growth potential. Q: What does scaling globally require? A: Regulatory clarity and cost efficiency are key. Switzerland has been very open and supportive. In India, customs duties and lack of clear categorisation for R&D labs increase costs. We need a more import-friendly framework for deeptech manufacturing. Through its integrated hardware and AI stack, CynLr aims to enable flexible, small-scale "universal factories" that can adapt production dynamically, potentially reshaping how manufacturing and recycling operate in the future. (Edited by : Amrita Das )