Robotics startup Miko raises $28M in Series B funding

According to the firm, the funds obtained will be utilized to support product development and expand worldwide partnerships as Miko strives to build a powerful global brand.

Main Highlights

Miko, an India-born global robotics firm, announced a $28 million Series B investment headed by IIFL AMC, Mankind Pharma Family Office, Aroa Ventures – the family office of OYO founder Ritesh Agarwal, Manish Choksi from Asian Paints, and a slew of worldwide investors on Thursday.

All current institutional investors, including IvyCap Ventures, Chiratae Ventures, YourNest Capital, Bruno E Raschle from Schroder Adveq, and long-time digital evangelist and mentor, Keshav R Murugesh (former Chairman of NASSCOM), took part in the round.

Validus Wealth and Masterkey facilitated the Series B round. This financing follows a prior round managed by IvyCap Ventures, which saw a 200 percent subscription from its targeted raise. Miko was founded in 2015 by IIT Bombay grads Sneh R Vaswani, Prashant V Iyengar, and Chintan S Raikar, as well as worldwide engineering, mathematics, design, and education professionals.

How will the funds be used?

According to the firm, the cash obtained will be utilized to support product development and establish worldwide partnerships as the company creates a strong global brand. The indigenous business has already expanded its user base to more than 140 nations, with interaction increasing thrice as a result of the epidemic.

The firm claims to be experiencing a significant spike in demand as a result of the epidemic, as parents look for good methods to engage their children in lockdown throughout the world. Miko also intends to build a range of additional goods in the future years.

Miko is a sophisticated robotics business that creates emotionally intelligent solutions to solve serious consumer concerns. Their products make use of proprietary and cutting-edge artificial intelligence, robotics, and the internet of things. Miko was founded in January 2015 by three IIT Bombay postgraduates, and its products are currently driven by professionals in engineering, mathematics, design, and education.

JbzH2mW0I8fX1Cg8N6e3Znh8nHB2FpV3XIcwUIgT9T7cgR3FnCFSt4ghKL6JQhktW2J7H6STXNxHEjsjfb3p2UJCVfBxatWl 4JRmAAUqn590y6WJLZGoT76n6J0Uwx SZmlEYN

Miko’s Initial Product Line

Their initial product line, the Miko series of robots, addresses a unique unmet demand of today’s parents, who are looking for a positive and trustworthy gateway to technology that caters to their children’s learning and development needs. Miko now wants to extend its platform solutions to every family globally, with a 2023 ambition of reaching 20M homes across verticals such as childcare, senior care, and many more, after receiving an exceptionally favorable reaction from the Indian market.

Miko is pre-loaded with some of the world’s greatest technology, which enhances the whole experience. The new Miko takes man-machine interaction to the next level, with over 34 sensor lines analyzed in real-time.

Vikrant Sibal, Senior Executive Vice President at IIFL AMC, commented on the investment, saying, “We are happy to observe such a robust technology and product platform created in India and catering to worldwide markets.” They have secured a stable development trajectory in the years to come with a worldwide play and strong principles. I’m very thrilled to work with them!”

According to Rajeev Juneja of Mankind Pharma Family Office, “the firm has demonstrated sustained capital-efficient development throughout the epidemic.” Sneh, Chintan, and Prashant, the creators, are extremely enthusiastic about Miko and have accomplished several milestones. We are pleased to be a part of the road ahead.” 

“Miko has shown great retention metrics as well as continuous and sustained growth. We are averaging almost a million interactions per 48-72 hours and are on course to increase revenue by 500% year on year. “We are thrilled to welcome all of our Series B investors on this adventure, and we are grateful to all of our current investors,” stated Sneh R Vaswani, Co-founder, and CEO of Miko. The firm employs 150 people throughout the United States, the United Kingdom, and India.

Exit mobile version