Jay Robotics, a multidimensional robotics company, plans to raise $7 million to $8 million through venture capital for its expansion.
With development of eight products in education and one in industrial sector, the company is growing at more than 50 percent.
Its revenues during 2012-13 were Rs.70 lakh and it has set a target of Rs.1.80 crore for the current financial year.
Jay Robotics managing director Sudhir Reddy told reporters here Wednesday that the company aimed to achieve Rs.100 crore revenue during next five years.
Reddy said they were looking forward to receiving VC funding from likeminded investors who can share the vision of the company.
Talking about the five-year vision of the firm, Reddy said they plan to sell 20,000 licensed copies of RoboGuru, their product for educational sector and 350 deployments globally of RoboRuka, an industrial robot.
More From This Section
It has already deployed 25 units of RobotGuru, each priced at Rs.8.5 lakh.
"The USP of the product is such that it can be customized according to the needs of the industrial sector and can be used for various purposes," he said.
Through RoboGuru, students will get a hands-on experience of giving commands and operating a live robot. The kit comes with a brain (circuit) which can be attached with building blocks to build robots.
The company will soon come out with RobotMade, a product for domestic sector designed to clean homes.