Singapore-based Zimplistic, the husband-and-wife-led startup that manufactures the fully-automated flatbread maker Rotimatic, said it has raised $30 million in Series C funding round co-led by EDBI and private equity firm Credence Partners.
The funding round, which was also joined by existing investors, comes right after Zimplistic announced garnering $20 million in revenues in 2017, the first year of sales for Rotimatic.
In a statement, Zimplistic said Rotimatic is the disruptive solution to the unaddressed problem of making instant and fresh flatbreads.
“Flatbreads have to be eaten fresh and making at home is tedious and requires skils. With people leading busy lifestyles, they have been forced to resort to frozen, unhealthy alternatives, or by replacing flatbreads with other forms of carbs,” the company said.
Rotimatic, it added, combines cutting-edge, AI-driven technology with internet connectivity to “create the ultimate smart cooking device that automates the flatbread-making process”.
Founded by the husband-and-wife team of Rishi Israni and Pranoti Nagarkar in 2008, the Singapore-based kitchen robotics developer gained prominence after receiving a special mention by Singapore’s Prime Minister Lee Hsien Loong during his National Day speech in 2016.
To date, Zimplistic has catered to more than 30,000 customers who have made more than 15 million flatbreads, it claims.
“It has changed their lives and we believe that kitchen robotics will continue to transform our health in more ways than we can imagine in the future,” Zimplistic co-founder and CEO Rishi Israni said.
The fresh investment is also timely as the global kitchen appliances market is expected to surpass $250 billion by 2020. According to the company, the new funds will be directed towards converting the 25 per cent of the world’s population that eats flatbreads into Rotimatic users.
“Raising Series C, for such a futuristic kitchen robotic product, signals the coming of age of this invention… we are poised to take the kitchen industry by storm,” Israni added.
According to information compiled by Crunchbase, the startup venture raised a $500,000 angel round in December 2010, followed by a $3-million Series A round in March 2012 and a $15-million Series B round led by NSI Ventures in July 2015.
Zimplistic, with its Rotimatic device, is among the few hardware startups to emerge out of Singapore. Given recent inroads in the manufacturing space, advances in AI, automation, and robotics may also see the city-state strengthen its role as a hub for niche, high-technology manufacturing.
“Singapore with its connectivity to the region has great hardware expertise advantage with people who have immense experience in building and scaling hardware companies… I believe a model that works great is to have R&D here [Singapore] with manufacturing in the neighbourhood, before scaling it to locations that are nearer to the target market,” Nagarkar, the firm’s chief technologist, earlier told DEALSTREETASIA.