Emotix's robotics business Miko has raised Rs 28 crore ($3.3 million) in a Series C investment. This second tranche came barely three months after the previous one for the Mumbai-based startup.
In August, it raised Rs 20.5 crore (roughly $2.5 million) in a new round from a group of angel investors for a valuation of USD 200 million. Entrackr was the only source to report on the development at the time. Miko's board has approved the issuance of up to 924 Series C CCPS to IvyCap Ventures Trust Fund III in one or more tranches at an issue price of Rs 3,02,694.58 apiece, for a total of Rs 27.96 crore.
The corporation will use funds for business needs and general corporate reasons, such as paying ongoing research and product development, sales and marketing costs, operating expenses, and working capital.
Miko specializes in emotionally intelligent robots and has integrated artificial intelligence (AI) and the Internet of Things (IoT) into its flagship products, Miko, Miko 2, and Miko 3. Following the success of its first-generation robots, the company released an upgraded version with voice-recognition technology, allowing the gadgets to see, hear, sense, express, converse, and recognize faces.
The organization claims to serve customers in 140 countries, including the United States, Europe, and the Middle East.
Miko has raised more than $60 million, including a $29 million Series B fundraising round headed by IvyCap Ventures in 2021. According to a startup intelligence site, Chiratae Ventures had the largest external stake previous to this round, at 13.77%, followed by IvyCap Ventures at 13%.
While Miko's Indian entity has yet to release its annual financial report for FY24, income from operations increased 137.5% to Rs 225.6 crore in FY23, from Rs 95 crore in FY22. The company's losses also increased 39% to Rs 107.7 crore in FY23. Miko fights against PlayShifu, Avishkaar, and WitBlox, among others.
