The raised funds will be utilized for product development and strengthen global alliances as the company is striving to build a strong global brand. The company has recently opened the Miko platform to allow child-focused content partners and developers to port their content.
August 19, 2021
India-based robotics firm Miko has raised USD 28 million, in a funding round led by IIFL AMC, Mankind Pharma Family Office, Aroa Ventures, Manish Choksi from Asian Paints, and a number of global investors.
The existing investors – IvyCap Ventures, Chiratae Ventures, YourNest Capital, Bruno E. Raschle from Schroder Adveq, and long-standing digital evangelist Keshav R. Murugesh, (former chairman of National Association of Software and Services Companies) participated in the round.
The raised funds will be utilized for product development and strengthen global alliances as the company is striving to build a strong global brand.
The company has now scaled its user base to more than 140 countries globally with the engagement rising three times through the pandemic. The robotics-led emotionally intelligent solutions provider has been experiencing a massive surge in demand as parents are looking for interesting ways to engage kids and to educate them.
Founded by three IIT Bombay postgraduates Sneh R Vaswani, Prashant V. Iyengar, and Chintan S. Raikar, the company has global experts in engineering, mathematics, design, and education.
“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 year-on-year growth in revenue,” said Sneh R Vaswani, Co-Founder, and CEO, Miko.
Following the success of the first generation of Miko, the company introduced 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 intuitively develop a bond with a child.
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The company recently opened the Miko platform to allow child-focused content partners and developers to port their content on Miko and make it available to families on subscription.
“The company has showcased consistent capital-efficient growth amidst the pandemic. The founders, Sneh, Chintan, and Prashant are very passionate about Miko and have successfully achieved multiple milestones. We are thrilled to be part of the onward journey,” said Rajeev Juneja, Mankind Pharma Family Office.