Miko, an Emotix product, is a robotics company that has raised Rs 20.5 crore (about $2.5 million) from angel investors in a new funding round. The Mumbai-based company has had this new equity infusion following a two-year break.
A regulatory filing obtained from the Registrar of Companies reveals that the board of Miko has approved a special resolution to issue 679 Series C CCPS at an issue price of Rs 3,02,695 each in order to raise Rs 20.55 crore, or $2.5 million.
Amit Jain, Satyam Sinha, Inderjit Kaur Arora, Amrapali B. Doshi, Sanjiv Sarita, and other angel investors contributed the remaining funds, with Moneycrew Fintech contributing Rs 4.5 crore.
As per the media, the post-allotment valuation of the company is approximately $206 million, or approximately Rs 1,711 crore. In comparison to its most recent equity round, this represents a 2.3X increase in valuation.
Using artificial intelligence and the Internet of Things (IoT), Miko builds emotionally intelligent robots for its three main brands, Miko, Miko 2, and Miko 3. The business released an upgraded model of its first-generation robots, which employs voice recognition technology to see, hear, sense, communicate, walk, and identify faces.
Miko has raised more than $60 million in total, including its $29 million Series B round in 2021 that was spearheaded by Ivycap Ventures. Chiratae Ventures held the largest share of external investors prior to this round, with 13.77%, followed by IvyCap Ventures with 13%, according to startup data intelligence platform TheKredible.
With funding from Chiratae, the startup achieved remarkable 2.3X growth, rising from Rs 95 crore in FY22 to Rs 225 crore in FY23. In FY23, the company’s lowest point was Rs 108 crore, though. Miko hasn’t submitted his annual reports for FY24 yet.
