ThinkLABS to raise $5m VC funds

ThinkLABS Technosolutions, offering robotics and virtual robotics to supplement the science and mathematics learning at schools and colleges, will raise about $ 5 million of venture capital funding. The funds will be used to increase its tie-ups with schools and offer more services, said its founder and chief executive officer Gagan Goyal.

The company will also look to introduce the services in Middle East together with some schools there, he said. It has now tied up with 70 schools across the country and is hopeful of taking it to 200 by this year-end.

The company, which earlier raised $ one million from Seedfund in 2008, generates its revenues from institutional sales to schools and through retail sales by holding robo camps with select partners. The camps explain many principles of science and mathematics through demonstrations and robot-building sessions.

It also trains teachers at the schools to incorporate robotics into the academic plan. It charges on a per student basis for the schools. The kits given to the students are priced between Rs 5,000 and Rs 7,000.

ThinkLABS imports robotic components and assembles them here to be supplied to the schools and colleges. “The effort is to simplify concepts in science, technology and engineering through use of robotics,” said Goyal. It will also look to tie up with government agencies for enriching learning at the schools.

The company has its research and development centre within IIT-Mumbai campus for developing course content, hardware and software. So far, more than 4,500 school students and 35,000 engineering students were trained by ThinkLABS.

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