CynLr has raised about $15.2 million from investors — roughly ₹146 crore — on a promise that it will one day ship one robot a day and book $22 million of revenue a year by 2027. Its most recent audited accounts, filed in Bengaluru under the legal name Vyuti Systems Private Limited, tell a stricter story: revenue of ₹5.5 crore for the year ended 31 March 2025, about $0.6 million, against a net loss of ₹17.5 crore.
That gap — roughly ₹3.20 lost for every ₹1 earned — is not a scandal. It is what deep-tech looks like on a balance sheet before the technology pays. CynLr, short for Cybernetics Laboratory, is trying to build a robot that can see and pick up any object it has never encountered before, the way a human hand does without thinking. Six years in, it has the vision stack, a three-armed robot, a research lab in Switzerland and a customer list that includes carmakers and aerospace names. What it does not yet have is a product line selling at scale, which is exactly why the numbers below matter more than the marketing.
Quick facts
| Company | CynLr (Cybernetics Laboratory); legal entity Vyuti Systems Private Limited, Bengaluru |
| Founded | 2019 (founders began the underlying research around 2015) |
| Founder(s) | Nikhil Ramaswamy (CEO) and Gokul NA (CTO), former colleagues at National Instruments |
| Businesses | Visual object intelligence for industrial robotic arms — a vision-and-manipulation platform that lets a robot pick objects it was never trained on; flagship robot CyRo and vision module CLX-01 |
| Latest FY revenue | ₹5.5 crore, operating revenue, FY25 (year ended 31 March 2025), up 77.5% year on year (Inc42, from RoC filings) |
| Latest FY profit/loss | Net loss of ₹17.5 crore, FY25, on total expenses of ₹20.4 crore (Inc42) |
| Listed | Private |
| Market value / last valuation | Not publicly disclosed as of September 2026; total funding about $15.2 million across five rounds |
| Key backers | Pavestone, Athera Venture Partners, Speciale Invest, growX Ventures, Arali Ventures, Info Edge (Redstart) |
What they do
CynLr builds a “visual object intelligence” platform for industrial robotic arms — the software and camera hardware that let a robot look at a bin of unfamiliar parts, work out what each one is and how it is oriented, and pick it up cleanly, without being trained on that specific object first. Today’s factory robots are precise but blind in a practical sense: they repeat a pre-programmed motion and fail the moment a part is shiny, transparent, tangled or simply not where it was expected. CynLr’s pitch, as the company describes it, is a robot that can handle that variability the way a human eye and hand do — its founders call the goal a “universal factory,” where one robot can be pointed at a new task without weeks of reprogramming. The company sells this as a stack: a proprietary robotic-vision module branded CLX-01, and a three-armed, modular, general-purpose robot system branded CyRo. Its target buyers are large manufacturers in automotive, aerospace and consumer goods; documented partners and early customers named by Forbes India in October 2023 include TVS Motor, Ford, Airbus, Flipkart, Wheels India and Brakes India.
The origin
Nikhil Ramaswamy and Gokul NA did not come out of a robotics PhD programme. They met at National Instruments in Bengaluru, where, per Business Today’s January 2024 profile, they worked together from around 2011 on automated test equipment and machine-vision software. National Instruments was a good place to notice the problem they would later build a company around: machine vision had advanced enormously, yet robots were still hopeless at the messy physical act of picking up a real object in an unstructured environment. Automation had conquered information and measurement but barely touched dexterous physical manipulation. According to Forbes India, the pair wrote some of their earliest algorithms around 2015, chasing a process they describe as “convergence” — an attempt to mimic, roughly, how two human eyes lock onto and understand an object, including the reflective and low-contrast surfaces that defeat ordinary industrial cameras. They formally founded the company in 2019 to turn that research into a product, betting that the hardest and most valuable unsolved problem in factory automation was not moving a robot arm, but teaching it to see.
The struggle years
CynLr’s difficulty is the difficulty of deep-tech hardware: the science takes years, and revenue arrives long after the payroll does. The company’s own filings make the lag plain. In FY22, three years after founding, Vyuti Systems reported revenue of just ₹11 lakh — not crore, lakh — which is another way of saying it was still essentially pre-revenue while carrying the cost of a research team, a lab and custom hardware. It took until FY23 for revenue to reach ₹1.1 crore, and even that came with a net loss of ₹5.0 crore, per Inc42’s compilation of the company’s RoC filings.
The second, quieter struggle is one the founders have spoken about directly: the temptation to ship something simple and profitable, and the discipline required to refuse. In a Forbes India conversation, Ramaswamy and Gokul argued against the reflexive “fail fast and break things” playbook, on the grounds that in deep-tech a rushed, narrow product locks you out of the general-purpose platform you set out to build. That is a costly conviction. It meant years of building a full stack — CynLr says its robot draws on more than 400 parts sourced across 14 countries — rather than selling a cheap point solution early. The result is a company that, by its sixth year, had raised real money and signed marquee names to trials, but whose audited revenue in FY25 was still only ₹5.5 crore. There is no near-death drama in the public record here; the struggle is subtler and, for a hardware startup, more dangerous — the slow burn of building something genuinely hard before the market pays for it.
The turning point
The event that changed CynLr’s trajectory was its $10 million Series A, announced on 6 November 2024 and led by Pavestone and Athera Venture Partners (formerly Inventus India), with Speciale Invest, growX Ventures and Info Edge’s Redstart also taking part. It roughly tripled the capital the company had raised in its entire prior life — cumulative funding stood at about $5.25 million after the previous round — and took the total to about $15.2 million. Two things sit on either side of that cheque. Before it, in the year to March 2024, CynLr’s revenue was ₹3.1 crore; after it, in the year to March 2025, revenue rose 77.5% to ₹5.5 crore while the net loss widened sharply to ₹17.5 crore and total expenses hit ₹20.4 crore — the classic signature of a company that has just been funded to spend ahead of revenue. The Series A also came weeks after CynLr opened a Design and Research Center at the Unlimitrust Campus in Prilly, Switzerland in September 2024, working alongside EPFL’s LASA robotics lab and research institute CSEM — the moment a Bengaluru startup planted a research flag in one of Europe’s robotics clusters and started hiring globally.
The money behind it
CynLr’s cap table is a five-round build, weighted heavily toward a small group of Indian deep-tech specialists who backed it early and kept re-upping:
- Seed, August 2019 — ₹5.5 crore (about $0.8 million): led by Speciale Invest and Arali Ventures, with growX Ventures, CIIE Initiatives and investor Vijay Kedia participating (YourStory, August 2019; Business Today, January 2024).
- Pre-Series A, 5 April 2022 — $4.5 million: led by Speciale Invest and growX Ventures, with Anicut Capital, Info Edge, Java Capital, Venture Catalysts and Arali Ventures, plus angels including Wheels India’s Srivats Ram and Shriram Vijayaraghavan, former ABB executive Arvind Vasu, former GreyOrange leader Nalin Advani and ex-National Instruments India head Jayaram Pillai. The stated aim was to enter the US market and build capacity to deliver 100 robots a year (Inc42, April 2022).
- Series A, 6 November 2024 — $10 million: led by Pavestone and Athera Venture Partners, with Speciale Invest and Info Edge’s Redstart returning (The Robot Report and Entrepreneur India, November 2024).
- Total raised: about $15.2 million across five rounds (Inc42 lists $15.28 million); no post-money valuation has been publicly disclosed as of September 2026, so any valuation figure would be speculation and is left out here.
The through-line is investor persistence: Speciale Invest and growX have backed CynLr from seed onward, and the angel list is stacked with people who run or ran exactly the kind of factories CynLr is trying to automate — a signal that the early conviction came from operators, not just financiers.
How it makes money
CynLr’s revenue model is still forming, but its intended shape is clear from what it sells and what management has said:
- Robot systems and vision hardware: the core product is the CyRo robot plus the CLX-01 vision stack, sold to manufacturers to automate picking and assembly tasks that today defeat standard robots.
- A “one robot a day” ambition: at the Series A, CynLr said it wanted to reach a cadence of deploying one robot system per day and named a target of $22 million in revenue by 2027 (The Robot Report and Entrepreneur India, November 2024) — a roughly 38-fold jump on FY25’s ₹5.5 crore, which tells you how early the commercial engine still is.
- Where the margin is supposed to sit: the economics only work if the vision-and-software layer, not the metal, becomes the repeatable, high-margin part — a robot that configures itself for a new task without bespoke reprogramming is far cheaper to deploy than today’s integration-heavy industrial automation. That is the bet the whole company rests on.
- The part people get wrong: third-party trackers can wildly overstate the size of the business. GetLatka, for instance, estimated CynLr’s 2025 revenue at about $5.8 million — roughly ten times the ₹5.5 crore (about $0.6 million) actually filed. The RoC number is the one to trust; the estimate is not.
The numbers
Figures below are from Inc42’s compilation of Vyuti Systems Private Limited’s Registrar of Companies filings. All figures in ₹ crore. Where a year’s profit or loss was not disclosed in sources reviewed for this piece, it is left blank rather than estimated.
| Fiscal year | Revenue (₹ crore) | Net profit/loss (₹ crore) |
| FY22 | 0.11 | — |
| FY23 | 1.1 | Loss 5.0 |
| FY24 | 3.1 | — |
| FY25 | 5.5 | Loss 17.5 |
The pattern is what you would expect of a funded deep-tech company: revenue rising fast in percentage terms off a tiny base (up 77.5% in FY25), while losses widen even faster as fresh capital is spent on people, hardware and the new Swiss lab. For FY25, Inc42 puts total expenses at ₹20.4 crore against ₹5.5 crore of operating revenue, and total assets at about ₹96.4 crore — the latter figure a reminder that most of the money raised is sitting on the balance sheet as capacity, not yet showing up as sales.
Where the money comes from
CynLr does not publish a clean segment or geography split of revenue — at this scale there is little to split — so the honest picture is of where the effort and capital are going, not where a large revenue base is coming from:
- Two research hubs, two continents: the founding engineering base is in Bengaluru, where CynLr opened its HIVE research centre in February 2023; the second is the Design and Research Center in Prilly, Switzerland, opened September 2024 alongside EPFL’s LASA lab and CSEM (Forbes India, October 2023; Entrepreneur India, November 2024).
- A US-facing commercial push: going to the US was the explicit purpose of the 2022 pre-Series A, and the Series A named India, the US and Switzerland as the three geographies for expansion.
- A globally sourced supply chain: CynLr says a single robot draws on more than 400 parts across 14 countries — a cost and complexity profile closer to precision hardware manufacturing than to a software startup.
- The surprise: despite about $15.2 million raised and total assets near ₹96.4 crore, operating revenue in FY25 was only ₹5.5 crore. Almost all of the value here is still forward-looking — capacity, IP and pilots — rather than booked sales. That is the single most important fact about the company’s finances today.
The risks
- The revenue-to-target gap is enormous. Getting from ₹5.5 crore in FY25 to a stated $22 million by 2027 implies a jump of roughly 38 times in about two years. Even for hardware ramping off a small base, that is a steep curve, and missing it would put pressure on the next raise — especially with no disclosed valuation to anchor expectations.
- Cash burn against a widening loss. FY25’s ₹17.5 crore net loss on ₹20.4 crore of expenses means the $10 million Series A is being consumed quickly by a business that is spending roughly four rupees for every rupee it earns. Deep-tech investors expect this, but it shortens the runway and raises the cost of any stumble in shipping product.
- Long sales cycles and heavyweight competition. Selling factory automation to carmakers and aerospace firms means long, cautious procurement, and CynLr is competing for those budgets against established robotics and machine-vision incumbents with far deeper pockets. Trials with names like Ford or Airbus are validation, not yet recurring revenue, and the distance between the two is where many hardware startups stall.
The takeaway
CynLr is a clean example of a truth that gets lost in startup coverage: in deep-tech, the balance sheet lags the ambition by years, and that is not automatically a failure. The company has spent six years and about $15.2 million building toward a genuinely hard problem — a robot that can see and pick anything — and its FY25 revenue of ₹5.5 crore is small precisely because it refused to ship a cheap, narrow product to look busy. The transferable lesson is about matching your capital structure to your timeline. Patient, operator-heavy investors who understand a ten-year science project are the right backers for this kind of company; growth-stage money expecting quick revenue multiples is the wrong kind, and would have forced exactly the premature product the founders say they avoided. Whether that patience pays depends on one number the filings cannot yet show — how fast the next two years turn IP and pilots into orders. Until then, read CynLr through its RoC filings, not its press releases.
Frequently asked questions
What does CynLr actually make?
CynLr builds a visual object intelligence platform for industrial robotic arms — hardware and software that let a robot recognise and pick up objects it was never specifically trained on, including shiny or oddly placed parts that defeat standard factory robots. Its products include the CLX-01 vision module and a three-armed robot system called CyRo.
Who founded CynLr and when?
CynLr, short for Cybernetics Laboratory, was founded in 2019 by Nikhil Ramaswamy (CEO) and Gokul NA (CTO), former colleagues at National Instruments in Bengaluru who had worked together on machine-vision technology since around 2011. Its legal entity is Vyuti Systems Private Limited.
How much has CynLr raised, and from whom?
About $15.2 million across five rounds as of September 2026: a ₹5.5 crore seed in 2019, a $4.5 million pre-Series A in April 2022, and a $10 million Series A in November 2024. Backers include Pavestone, Athera Venture Partners, Speciale Invest, growX Ventures, Arali Ventures and Info Edge’s Redstart. No valuation has been publicly disclosed.
Is CynLr profitable?
No. For FY25 (year ended 31 March 2025) it reported operating revenue of ₹5.5 crore and a net loss of ₹17.5 crore, per Inc42’s reading of its RoC filings. Losses are widening as the company spends its Series A capital ahead of revenue, which is typical for a deep-tech hardware startup at this stage.
What is CynLr’s revenue target?
At its Series A in November 2024, CynLr said it aimed to deploy one robot system per day and reach $22 million in annual revenue by 2027. Against FY25 revenue of ₹5.5 crore (about $0.6 million), that would require roughly a 38-fold increase in about two years — an aggressive target the company has not yet demonstrated it can hit.
Sources
Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- The Robot Report — “CynLr raises Series A funding to realize robot vision for ‘universal factory’,” November 2024
- Entrepreneur India — “DeepTech Robotics Startup CynLr Raises USD 10 Mn in Series A Funding,” November 2024
- Inc42 — CynLr company profile and financials pages (revenue and loss for FY24 and FY25; legal entity Vyuti Systems Private Limited; funding total), accessed September 2026
- Inc42 — “Robotics Startup CynLr Raises $4.5 Mn To Enter The US Market,” April 2022
- YourStory — “Robotics deep tech startup CynLr raises Rs 5.5 crore seed funding,” August 2019
- Business Today — “India’s coolest start-ups: Meet the founders of Cybernetics Laboratory,” January 2024
- Forbes India — “CynLr: Making Bengaluru the Boston of India?,” October 2023, and the Forbes India Daily Tech Conversation with the founders
- GetLatka — CynLr revenue and headcount estimates (cited as third-party estimates), accessed September 2026
Found an error? Write to us and we’ll correct it in the open, dated, on the piece.