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Miko robotics funding

Robotics company Miko raised Rs 50 crore in funds led by IvyCap Ventures along with participation from existing investors like YourNest Capital, Chiratae Ventures, and Keshav Murugesh, Former Chairman of NASSCOM.  

The company stated that the freshly raised funds will be utilized for product development and to strengthen global connections as the company creates a strong global brand. 

Miko was founded in 2015 by IIT Bombay graduates Sneh R Vaswani, Prashant V Iyengar, and Chintan S Raikar, along with global experts in mathematics, engineering, design, and education. 

The robotics company has now expanded its user base to over 140 countries globally and has observed a 3X jump during the pandemic. The company stated that it is seeing a huge demand during the pandemic as parents all across the globe are looking for positive ways to engage kids in lockdown. Miko is also aiming for a portfolio of new products in the upcoming years. 

Speaking about the development, Vikram Gupta, Founder and Managing Partner, IvyCap Ventures Advisors, said, “We have closely seen Sneh and team build Miko and are delighted to witness such a solid technology and product company built in India and catering to global markets. The global play and sound fundamentals have ensured the company’s consistent growth trajectory.” 

Following the success of the first generation of Miko, the company rolled out Miko 2, a robot that can see, hear, sense, express, talk, recognize faces, remember names, identify moods, initiate a conversation, and learn from its own environment to develop a bond with a child.

Miko 2 bridges a twisted need-gap of education, technology, and entertainment, and hence is an enables effective parenting. 

Commenting on the investment, Sudhir Sethi, Founder and Chairman of Chiratae Ventures, shared, “The company has showcased consistent month on month capital-efficient growth amidst the pandemic. Miko is on track to grow to a $100M revenue company with multiple global products in two years from now.” 

The company recently opened the Miko platform to enable child-focused content partners and developers to port their content on Miko and offer it to families on subscription.

“Miko has demonstrated strong retention metrics along with consistent and sustainable growth. We are clocking nearly a million interactions every 48-72 hours and are on track to register 500 percent YoY growth in revenue. We are elated to welcome IvyCap Ventures in our journey and highly appreciate the support from all existing investors,” said Sneh R Vaswani, Co-founder and CEO, Miko.

What was once merely an idea is today transformed into reality by Miko. The company offers innovative products and is looking at great opportunities ahead.

Shishir Gupta, Founder and CEO, StartupLanes

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