Zimplistic, the company behind flatbread making robot Rotimatic, announced on Tuesday (Apr 17) that it has secured a $30 million series C funding round led by regional private equity fund Credence Partners and Asian investor firm EDBI.
The investment follows shortly after the company announced $20 million in revenue in its first year of sales as well as its expansion into five new markets: UK, Australia, New Zealand, the Middle East and Canada.
Rotimatic was previously available only in the US and Singapore.
Touted as the first of its kind in the world, Rotimatic combines AI-driven technology with internet connectivity to automate its flatbread making process.
The company also received a special mention by Prime Minister Lee Hsien Loong in his National Day speech in 2016.
The new investment will be directed towards converting the 25% of the world’s population that eats flatbreads into Rotimatic users, said Zimplistic, noting that the global kitchen appliances market is expected to surpass $250 billion by 2020.
Rishi Israni, CEO and co-founder of Zimplistic, said: “To date, we have more than 30,000 customers who have made more than 15 million flatbreads and are using Rotimatic on a daily basis.”
“We will work closely with all stakeholders to nurture this innovative home-grown company in its development of kitchen automation robots with machine learning and IoT-capabilities,” said Ms Swee Yeok Chu, CEO and president of EDBI.
Zimplistic was founded in 2008 and achieved its first success when it won the 2009 Start-Up@Singapore competition.
The company subsequently secured angel investment in 2010 and raised funds from investors including Credence Partners, EDBI and NSI Ventures.
It currently has offices in Singapore, the US and India.