Miko Secures $2.5 Million Funding in Series C Round
Miko, the robotics firm backed by Emotix, has successfully raised Rs 20.5 crore (approximately $2.5 million) in a new funding round from a group of angel investors. This fresh equity infusion marks a significant milestone for the company, which has been quiet for two years.
The funding was facilitated through the issue of 679 Series C Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 3,02,695 each. The majority of the funding, Rs 4.5 crore, was contributed by Moneycrew Fintech, while the remainder was poured in by a group of angel investors, including Amrapali B Doshi, Sanjiv Sarita, Amit Jain, Satyam Sinha, Inderjit Kaur Arora, and others.
According to estimates from TheKredible, the company’s valuation has increased by 2.3X to approximately Rs 1,711 crore ($206 million) post-allotment. This is a significant jump compared to its previous equity round.
Miko, which creates emotionally intelligent robots leveraging artificial intelligence and the Internet of Things (IoT), has raised over $60 million to date. The company has already made a name for itself in the market with its flagship brands Miko, Miko 2, and Miko 3. The success of its first-generation robots has paved the way for the launch of an advanced version, which uses voice-recognition technology to see, hear, sense, express, talk, and recognize faces.
“We are thrilled to have secured this funding, which will help us further accelerate our innovation and growth plans,” said a spokesperson for Miko. “Our team is committed to creating groundbreaking products that truly have a positive impact on people’s lives, and we believe this funding will support us in achieving our vision.”
Miko’s success story continues to gain momentum, with the company showcasing impressive growth of 2.3X to Rs 225 crore in FY23 from Rs 95 crore in FY22. The company has yet to file its annual results for FY24, but it is expected to build on the momentum and continue to set new standards in the robotics industry.
