Mumbai-based Miko secures $2.5m funding

• Moneycrew injects Rs4.5cr while the rest from Amrapali B Doshi, Sanjiv Sarita, Amit Jain, Satyam Sinha, Inderjit Kaur Arora, and others.

Mumbai-based robotics company Miko has successfully raised Rs20.5 crore (approximately $2.5 million) in fresh equity from a group of notable angel investors.

The funding round comes at a pivotal moment for the company, which has demonstrated remarkable growth and innovation in the emotional intelligence and artificial intelligence (AI) infused robotics.

The post−funding valuation of Miko stands at a commendable $206 million, reflecting not only investor confidence but also the company’s potential for future expansion and impact.

Growth in valuation

The recent funding round is a significant milestone for Miko, as evidenced by the regulatory filings that reveal the company’s board passed a special resolution to issue 679 Series C Compulsorily Convertible Preference Shares (CCPS) at an impressive issue price of Rs3,02,695 each.

Notably, the injection of funds from Moneycrew Fintech, amounting to Rs4.5 crore, marked a substantial contribution.

Other angel investors, including prominent figures such as Amrapali B Doshi, Sanjiv Sarita, Amit Jain, Satyam Sinha, and Inderjit Kaur Arora, also participated in this funding round, underscoring the growing interest in Miko’s innovative offerings.

The post-allotment valuation of Miko at around Rs1,711 crore (approximately $206 million) represents a staggering 2.3 fold increase compared to its previous equity round.

The remarkable growth in valuation signals the robustness of Miko’s business model and its advancements in robotics technology, which effectively combine AI and IoT capabilities.

Innovation at forefront

Miko has carved a niche for itself in the robotics sector by developing emotionally intelligent robots. The company’s flagship products, namely Miko, Miko 2, and Miko 3, are designed to harness the power of AI and IoT to foster emotional connections with users.

The unique approach distinguishes Miko from traditional robotic applications, as the robots are equipped with the capability to see, hear, sense, express, talk, and recognise faces using advanced voice-recognition technology. This multifaceted functionality not only enhances user experience but also positions Miko as a leader in a burgeoning market for social robotics.