Miko, a robotics company that is a product of Emotix, has secured Rs 20.5 crore (approximately $2.5 million) in a new round of funding from a group of angel investors. After a two-year hiatus, the Mumbai-based organization has received a new equity infusion.
The regulatory filing of Miko, which can be accessed from the Registrar of Companies, indicates that the board has passed a special resolution to issue 679 Series C CCPS at an issue price of Rs 3,02,695 each in order to raise Rs 20.55 crore or $2.5 million.
Moneycrew Fintech contributed Rs 4.5 crore, while the remaining amount was contributed by angel investors such as Amrapali B Doshi, Sanjiv Sarita, Amit Jain, Satyam Sinha, Inderjit Kaur Arora, and others.
The company has been valued at approximately Rs 1,711 crore or $206 million following the allocation. In comparison to its most recent equity round, this represents a 2.3X increase in valuation.
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Miko develops its flagship brands, Miko, Miko 2, and Miko 3, by utilizing artificial intelligence and the Internet of Things (IoT) to construct emotionally intelligent robots. The company introduced an advanced version of its robots that utilizes voice-recognition technology to recognize faces, listen, sense, express, and speak following the success of its first-generation robots.
To date, Miko has raised more than $60 million, which includes a $29 million Series B round anchored by Ivycap Ventures in 2021. Chiratae Ventures was the largest external stakeholder with 13.77% prior to this round, according to the startup data intelligence platform TheKredible, followed by IvyCap Ventures with 13%.
About Miko
Founded in 2015 by Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, Miko is an advanced consumer robotics innovations lab passionate about bringing the best of technology to young learners everywhere.
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