Zimplistic, the parent company behind the fully-automated flatbread-making robot Rotimatic, has just secured US$30 million (S$39.3 million) in a Series C funding round.
Led by Credence Partners and EDBI, the investment comes after Zimplistic announced US$20 million (S$26.2 million) in revenue in its first years of sales early this year, and its expansion into five new markets – UK, Australia, New Zealand, the Middle East, and Canada.
With the new investment, Zimplistic has plans to convert 25% of the world’s population that eats flatbreads into Rotimatic users.
Said Rishi Israni, CEO and co-founder of Zimplistic, “Raising series C for such a futuristic kitchen robotic product is a testament to coming of age of this invention.”
“Support from our existing investors such as Robert Bosch Venture Capital and NSI Ventures and with new partners such as Credence and EDBI, we are poised to take the kitchen industry by a storm.”
Added Ms. Ms. Swee Yeok Chu, CEO and President of EDBI, “In line with our support of high growth enterprises, EDBI is delighted to assist Zimplistic in its global expansion plans.”
We will work closely with Enterprise Singapore to nurture this innovative home-grown company in its development of kitchen automation robots with machine intelligence and IoT-capabilities.
Mr. Ted Tan, Deputy Chief Executive Officer, Industry Clusters, of the newly-formed agency Enterprise Singapore said, “We have supported Rotimatic since its formation in 2008, and we are confident that this new investment by EDBI will further enable the company to capture new opportunities globally.”
Founded in 2008 by husband and wife team Rishi Israni and Pranoti Nagarkar Israni, a software engineer and mechanical engineer respectively, they were the perfect team, complementing each others’ skills in the creation of the Rotimatic.
Since then, the machine hasn’t just gained fans amongst roti eaters, but also Singapore Prime Minister Lee Hsien Loong, who gave a special mention to Zimplistic and the Rotimatic during his National Day Rally Speech in August 2016.
With the latest funding, Zimplistic has raised US$48.5 million since inception.