Miko, the Mumbai-based robotics firm known for its emotionally intelligent robots, is gearing up for a Rs 28 crore ($3.3 million) Series C funding round. This comes on the heels of a successful $200 million valuation in its previous funding round just a few months ago.
A Fresh Injection of Capital
Miko, a product of the tech company Emotix, has been steadily growing its footprint in the emotional robotics space. The company is raising additional funds from IvyCap Ventures Trust Fund III, which will invest in Series C Convertible Preference Shares (CCPS) at Rs 3,02,694.58 per share. The total funding raised will amount to Rs 27.96 crore.
This Series C funding is the second in a matter of months, following an earlier round in August 2024, when Miko raised Rs 20.5 crore ($2.5 million) from a group of angel investors. In that round, the company reached a valuation of $200 million. The latest funding is intended to fuel the company’s growth, which includes supporting continued product development, sales, marketing efforts, and general corporate expenses.
Miko’s Expanding Product Line and Global Reach
Miko’s core products—Miko, Miko 2, and Miko 3—are designed with artificial intelligence (AI) and the Internet of Things (IoT) integrated into their systems. These robots have advanced capabilities, including voice-recognition technology that allows them to “see,” “hear,” and recognize faces, making them more emotionally interactive and intelligent than earlier versions.
The company’s robots are currently sold in over 140 countries, with notable presences in markets such as the United States, Europe, and the Middle East. This broad market reach is a testament to the growing demand for interactive, AI-driven robotics solutions for education and entertainment.
Miko’s Funding Journey So Far
To date, Miko has raised over $60 million in funding. This includes a $29 million Series B round led by IvyCap Ventures in 2021. Prior to the current Series C round, Miko’s largest external investor was Chiratae Ventures, which held a 13.77% stake, closely followed by IvyCap Ventures with a 13% share.
Despite the strong growth, the company is still in the red. Miko’s revenue saw a significant increase of 137.5%, climbing to Rs 225.6 crore in FY23, up from Rs 95 crore the previous year. However, its losses also widened by 39%, reaching Rs 107.7 crore in FY23, as the company continues to scale its operations and invest heavily in innovation and expansion.
The Competitive Landscape
Miko operates in a competitive market, facing off against other robotics companies such as PlayShifu, Avishkaar, and WitBlox. However, its unique focus on emotional intelligence and AI integration sets it apart from many of its competitors, positioning Miko as a leader in the evolving field of interactive robotics.
While Miko’s Indian entity has yet to file its annual financial report for FY24, the company’s impressive growth trajectory is likely to keep investors excited. With this new round of funding, Miko is poised to continue expanding its product offerings and cement its place as a major player in the global robotics market.
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