Miko, a robotics firm, has secured $10.5 million (approximately Rs 93.5 crore) in a round sponsored by iHeartMedia, an American radio media corporation.

Key Highlights

• Mumbai-based robotics startup Miko raises $10.5 million led by iHeartMedia.
• Investment will integrate iHeartMedia’s extensive audio-content library into Miko’s AI-powered interactive robots for children. 

The Mumbai-based startup had raised $15.8 million in a Series D fundraising round in October of last year from IvyCap Ventures Advisors and others.

Miko.ai, co-founded in 2015 by Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, is an advanced robotics and artificial intelligence startup that creates emotionally intelligent robots to educate, entertain, and engage children. The startup integrates AI, robotics, and IoT to develop personal companion robots such as the Miko 3. It sells products in more than 90 countries.

Miko.ai sells AI-powered robots like Miko Mini and Miko 3 using a mixed business model. In addition to providing cash, Miko and iHeartMedia have partnered to allow the robotics business to include iHeart's audio content into its products.

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According to Sneh Vaswani, co-founder and CEO of Miko, "our partnership with iHeart marks a pivotal moment in our mission to make AI companions part of everyday family life."

Miko provides services to clients in more than 140 nations, including the US, Europe, and the Middle East.  The robotics platform makes interactions safe, flexible, and emotionally compelling by utilizing generative content, sophisticated sensors, and long-term memory.

In North America, the brand just launched alongside retail behemoth Costco.