Mumbai-based robotics startup Miko, operating under the Emotix brand, has successfully raised Rs 20.5 crore ($2.5 million) in a fresh funding round. This round was led by a group of angel investors and Moneycrew Fintech, a prominent fintech company. The latest capital infusion has pushed Miko’s valuation to approximately $206 million, reflecting the growing interest and confidence in the startup’s innovative offerings.
Funding Details and Valuation
The board at Miko passed a special resolution to issue 679 Series C Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 3,02,695 each, as reported by Entrackr, citing the company’s regulatory filings accessed from the Registrar of Companies (RoC). This move allowed the startup to raise Rs 20.55 crore ($2.5 million), contributing significantly to the surge in its valuation to around $206 million.
So far, Miko has raised over $60 million in total funding from various investors, including Stride Ventures, Aroa Venture Partners, IvyCap Ventures, Chiratae Ventures, and IDG Capital. The latest funding round is a testament to the startup’s continuous growth and the increasing value that investors see in its technology-driven products.
Key Investors in the Latest Round
Moneycrew Fintech led the round with an investment of Rs 4.5 crore, while the rest of the funds came from a group of angel investors. This group includes prominent individuals such as Amrapali B Doshi, Sanjiv Sarita, Amit Jain, Satyam Sinha, and Inderjit Kaur Arora. The participation of these investors not only adds financial strength to Miko but also brings valuable experience and insights that can support the startup’s future growth.
What Miko Do in Emotional Robotics
Founded in 2015 by Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, Miko is a leader in developing emotionally intelligent robots. The startup leverages advanced technologies like Artificial Intelligence (AI) and the Internet of Things (IoT) to create robots that can recognize and express emotions, making them unique and interactive companions for users.
Miko’s flagship products, Miko, Miko 2, and Miko 3, have gained significant attention for their capabilities in facial recognition, voice recognition, and emotional expression. These robots are designed to engage and interact with users, providing personalized experiences that adapt to individual needs and preferences.
Miko Fresh $2.5 Million Funding
The latest funding round marks another milestone in Miko’s journey as a leading player in the robotics industry. With a valuation now at $206 million, Miko is well-positioned to continue its growth and innovation in emotionally intelligent robotics. The support from both angel investors and established firms like Moneycrew Fintech highlights the startup’s potential to revolutionize the robotics landscape.
As Miko continues to develop cutting-edge products that blend AI and IoT, the future looks promising for this Mumbai-based startup. The new funds will likely be used to further enhance Miko’s product offerings and expand its market reach, solidifying its position as a pioneer in the field of emotional robotics.
