Addverb（Addverb Technologies）

Embodied AI & Robotics

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Funding History

Strategic roundUSD 130M — Reliance Retail Ventures acquired a 54% majority stake for USD 132M. The transaction was a combination of primary + secondary (both new share subscription and old share transfer). CEO Sangeet Kumar confirmed the post-money valuation of USD 270M at the time. The six co-founders' combined holdings dropped to approx. 24%–25%; management retained operational control, and the company continues to operate independently. Reliance was already a customer (co-building automated warehouses for Jio-Mart fresh produce business), with cooperation extending to 5G batteries and carbon fiber materials. After this transaction, cumulative funding reached approx. USD 143M. | Source: The Hindu BusinessLine (Jan 2022) · FiscalZenith · Privat...2022-01-18
Pre-SeriesA+SeriesAUSD 11M — Led by Jalaj Dani, totaling approximately USD 11M over 2018–2019 (approximately USD 10M in 2019). Funds were used for the first factory in Noida and four product lines: AMR / AS-RS / Sorting / Software, alongside a technical partnership with Intel during the same period. Cumulative financing reached approximately USD 11M after this round. | Source: The Hindu BusinessLine (Jan 2022) · EverybodyWiki2018–2019
Seed and Angel RoundsUndisclosed — The company was founded in June 2016 by six former Asian Paints executives, focusing on warehouse automation systems rather than pure software; the heavy-asset model made it difficult to attract VC early on, so the founding team started with self-funded capital. Jalaj Dani (Asian Paints co-founder) became the first institutional backer and served as Chairman; GAIL India (Indian state-owned gas company) participated with approx. USD 85k for procurement and R&D. | Source: EverybodyWiki · Business Today (Jan 9, 2024) · FiscalZenith2017–2018