SUMMARY
- Miko is set to raise $3.3 million in its Series C funding round.
- This new tranche would come just three months post its latest tranche in August.
- The Miko board has approved issuing up to 924 Series C CCPS at a price of $3,02,694.58 each, totaling $27.96 crore.
Emotix’s robotics company Miko is set to raise Rs 28 crore or $3.3 million in its Series C funding round.
This new tranche would come just three months post its latest tranche. In August, Miko secured Rs 20.5 crore or $2.5 million from a group of angel investors, valuing the company at $200 million.
The Miko board has approved issuing up to 924 Series C CCPS at a price of $3,02,694.58 each, totaling $27.96 crore to IvyCap Ventures Trust Fund III, across one or more tranches.
The funds will be utilized for various business needs and general corporate activities, including but not limited to, research and product development, sales and marketing expenses, operating costs, and working capital.
Miko is known for its emotionally intelligent robots, which incorporate artificial intelligence (AI) and the Internet of Things (IoT) into its flagship products: Miko, Miko 2, and Miko 3. The company has introduced an upgraded version post the success of its first-gen robots, with voice recognition technology, allowing the devices to perceive, hear, sense, express, communicate, and identify faces.
The Mumbai-based company claims to have customers in over 140 countries, including the US, Europe, and the Middle East.
To date, Miko has secured more than $60 million, including a $29 million funding in its Series B round in 2021. Before this latest round, Chiratae Ventures had the largest external stake at 13.77%, followed by IvyCap Ventures with 13%.
Although Miko’s Indian division has not yet submitted its annual financial statements for FY24, its revenue from operations jumped 137.5% to Rs 225.6 crore in FY23 from just Rs 95 crore in FY22. Its losses also rose 39% to Rs 107.7 crore in the same period.
PlayShifu, Avishkaar, and WitBlox, among others are its prominent competitors in the robotics industry.
