IIM-A incubation centre leads Rs 3.7 crore funding for robotics logistics

CIIE.CO, the innovation incubator entity at the Indian Institute of Management (IIM) here, and venture capital firm Arali Ventures have led a $500,000 (Rs 3.7 crore) round of funding for robotics logistics start-up Unbox Robotics. 

Powered by Swarm Intelligence, the startup says it is building flexible parcel sorting solutions for logistics providers that can control a fleet of robots for the purpose. 

According to founders Pramod Ghadge and Shahid Memon, this new-generation sorting solution can be installed within two weeks and requires less than half the space at currently available sorting systems. 

Apart from CIIE.CO and Arali, existing investors EF and SOSV participated in the funding round, as did angel investors Vijay Kedia and Rajesh Sawhney, among others.