Mumbai-based robotics firm Miko, known for its emotionally intelligent robots, has raised Rs 20.55 crore (approximately $2.5 million) in a new funding round. This latest equity infusion, which comes after a two-year gap, was led by Moneycrew Fintech, contributing Rs 4.5 crore, with the remaining capital provided by a group of angel investors, including Amrapali B Doshi, Sanjiv Sarita, Amit Jain, Satyam Sinha, and Inderjit Kaur Arora.
The company, a product of Emotix, passed a special resolution to issue 679 Series C CCPS at an issue price of Rs 3,02,695 each, according to regulatory filings accessed from the Registrar of Companies.
Miko has made significant strides in the robotics industry with its AI-driven and IoT-enabled robots, including its flagship models Miko, Miko 2, and Miko 3. These robots, designed to interact emotionally with users, feature advanced voice-recognition technology and the ability to see, hear, sense, express, talk, and recognize faces.
The company has now raised over $60 million in total funding, including a $29 million Series B round led by Ivycap Ventures in 2021. Chiratae Ventures was previously the largest external stakeholder, holding 13.77%, followed by IvyCap Ventures with 13%.
Miko has demonstrated robust growth, with its revenue increasing 2.3 times to Rs 225 crore in FY23 from Rs 95 crore in FY22. However, the company reported a loss of Rs 108 crore in FY23. The firm is yet to file its annual results for FY24, but this fresh capital injection suggests continued investor confidence and growth potential as Miko’s valuation now surpasses $200 million.
