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Jay Robotix Private Limited, a Hyderabad-based robotics education start-up, is in the process of raising up to $5 million from Cross-Boarder Angels and a Singaporean investment firm, according to a source privy to the development.
Sudhir Reddy, founder and chief executive officer of Jay Robotix, refused to comment on the deal. He, however, said the company was looking at raising funds, which should be completed within the next quarter.
“The fund infusion will be into Jay Robotix Learning Singapore Private Limited, a separate entity floated in February. This fund-raising will also prepare us to go in for a Series-A round, in due course,” Reddy told Business Standard.
Reddy said the new Singapore entity had paved the way to enter the southeast.
Established in 2010, Jay Robotix had developed an educational robotics kit for schoolchildren up to Class XII.
“Robox has been designed to fit into the global market. The proposed funds will also be deployed to enter the European region, including Spain, and Japan and North America. We are in final stages of discussions to sign partners,” Reddy added.
