Miko is a robotics startup offering AI-based companion robots for children. The startup has secured $3.3 million in its ongoing series C funding round. This new investment came after three months of the company’s previous tranche. The startup plans to use these fresh proceeds to scale its operations, enhance its product development and research, improve its performance capability, and meet general corporate purposes while meeting market demands.
The board has approved a resolution to allot 924 series C Compulsorily Convertible preference shares at an issue price of Rs 3,02,694.58 crore each share to raise 3.3 million USD to IvyCap Ventures Trust Fund III. The fund was raised in one or more tranches. According to the company filing, the startup will also use this fresh capital to meet working capital purposes and Operating expenses. The company develops artificial intelligence-based robots for children that can educate, provide entertainment, understand children’s likes and dislikes, and respond to them.
The company has secured around $75.6 million across multiple funding rounds since its inception, including $2.44 million raised from Moneycrew and other investors during its series C funding round at a valuation of $200 million. Before this round, the existing investor Chiratae Ventures held the largest external stake with 13.77 percent followed by IvyCap Ventures with 13 percent of the firm’s total stake. The firm aims to develop a companion application that allows parents to control and manage its settings for their kids.
Miko reported a 137.5 percent increase in its operational revenue to Rs 225.6 crore in FY23. The net loss grew by 39 percent and stood at Rs 107.7 crore in the same duration. The firm is yet to file the financial results for FY24. The company plans to control its losses through some cost-cutting measures. The Mumbai-based startup intends to use some of this investment to expand its services. The startup claims to offer its services across 140 countries including Europe, the Middle East, and the US.
This robotics firm specializes in developing emotionally intelligent robots integrated with IoT and artificial intelligence. The flagship products include Miko, Miko2, and Miko3. The development came just after the robotics sector saw increased investor interest. This investment highlights the investor’s trust in Miko’s market potential and business model. Miko faces competition from other robotics firms in the same market segment such as WitBlox, Scoobies, and Doly.
Conclusion :
Miko is a Mumbai-based robotics startup that provides companion robots for children. The startup raised fresh capital of $3.3 million in its series C round. This was the new funding round for the firm after a three-month gap. The board passed a resolution to issue 924 series C CCPS.
These preference shares had an issue price of Rs 3,02,694.58 each for 3.3 million USD to IvyCap Ventures Trust Fund III. The company plans to use this amount to scale up its operations, enhance its performance capability, and meet general corporate purposes. The existing investor Chiratae Ventures had the largest external stake before this round in the firm with 13.77 percent.
Hi, This is Scoopearth’s admin profile. Scoopearth is a well-known Digital Media Platform. We share Very Authentic and Meaningful information based on Real facts and Verification related to start-ups, technology, Digital Marketing, Business and Finance.
Note: You can reach us at support@scoopearth.com with any further queries.
Linkedin Page : https://www.linkedin.com/company/scoopearth-com/
Disclaimer -We have collected this information from our direct sources, various trustworthy sources on the internet and the facts have been checked manually and verified by our in-house team.
0 Comments