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Robotics Startup Emotix raises USD 7.5 million in a funding round led by Chiratae Ventures

The robot by emotix is called Miko which is the India’s first Companion Robot that is child-safe and emotionally intelligent, designed to stimulate development of children

August 19, 2019

Mumbai-based Emotix, the robotics startup founded by IIT-Bombay graduates Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, has raised USD 7.5 million, i.e. Rs. 53 crores approx. in a Series A round of funding led by Chiratae Ventures (formerly known as IDG Ventures), YourNest Venture Capital, investor Bruno Raschle’s family office and a group of angel investors.
The startup’s flagship product Miko 2 is a learning robot that engages, educates and entertains kids. Currently, emotix offers two products, Miko 1.0 and Miko 2.0, priced at Rs 19,000 and Rs 25,000, respectively. Miko 2 has an evolved set of features as it can hear, see, sense, talk, express, identify faces, sense different moods, initiate a conversation, and can also intuitively develop a bond with a child. The product also has parental control-features to ensure safety and security of the child-user.
Speaking on the funding, Sneh said in a press statement, “Our company has grown over the past five years. We’re excited to bring our AI-driven playful learning robots to international markets as a way to meet the needs of today’s parents who seek a positive and trusted gateway of technology, which also caters to the learning and developmental needs of children.”
emotix is a consumer electronics company based on the foundational principles of Robotics, Artificial Intelligence, and Internet of Things. It was started in October, 2014 by three IIT Bombay post-graduates, and is today driven by a twenty-member team of roboticists, academicians, and neuropsychologists.
Sudhir Sethi, Founder and Chairman of Chiratae Ventures, said “Our firm is thrilled to reinvest in the team at Miko. With success under its belt in India and the Middle East, Miko is on its way to entering 20 million global homes by 2023.”