Miko, an Emotix-backed robotics company, has raised Rs 20.5 crore or around $2.5 million in fresh equity from a clutch of angel investors in a funding round. The fundraise is an important event for the Mumbai-based firm after a gap of nearly two years.
PC: Business Standard
Miko approved a special resolution for the issuance of 679 Series C CCPS each with an issue price of Rs 3,02,695. This was for the successful raise of Rs 20.55 crore or $2.5 million. This is by regulatory filings accessed from the Registrar of Companies.
Of this, Moneycrew Fintech invested Rs 4.5 crore, the remaining amount was pumped in by noted angel investors Amrapali B Doshi, Sanjiv Sarita, Amit Jain, Satyam Sinha, Inderjit Kaur Arora among others.
By estimates, Miko’s post-allotment valuation, according to TheKredible, stands at approximately Rs 1,711 crore or $206 million, suggesting a stellar 2.3X increase in valuation compared to its previous equity round.
Miko designs emotionally intelligent robots with state-of-the-art technologies like Artificial Intelligence and IoT. Its premium range, Miko, Miko 2, and Miko 3, tend to create a sensation in the market due to high-degree capabilities.
Miko integrated the speech recognition to add such functions as visual perception, auditory sensing, expression of emotions, interaction, and face recognition into a new robot model following up its earlier generation of robots.
Having raised more than $60 million in funding to date, including a key $29 million Series B round led by Ivycap Ventures in 2021, Miko has positioned itself as one of the strongest players in the robotics and AI vertical. Data from TheKredible suggests that, as of the latest funding round, Chiratae Ventures is the largest external shareholder with 13.77%, followed by IvyCap Ventures with 13%.
The performance of this Chiratae-backed startup has been nothing short of spectacular, with its revenue leaping 2.3X from Rs 95 crore in FY22 to Rs 225 crore in FY23. Meanwhile, the company recorded a net loss of Rs 108 crore during this period, as Miko is yet to declare its annual results for FY24. This underlines the constant evolution and curve of growth embarked upon by the company in the competitive tech landscape.
In summary, Miko is a robotics company that has secured funding of $2.5 million by angel investors at a post-funding valuation of $206 million. Growth factors relating to success within the industry include strong growth and technology momentum.
