Indian Robotics Startup Miko Bags Rs.23 Crore in Pre-Series B Round
A home-grown Robotics startup founded by Sneh R Vaswani (CEO), Prashant Iyengar, and Chintan Raikar, Miko has raised Rs.23 crore in a pre-Series B funding round led by Stride Ventures. They existing investors, YourNest Venture Capital, Chiratae Ventures, Keshav Murugesh, Former Chairman of NASSCOM, and a group of angels also participated in the fresh round. Miko 2, the company’s latest and flagship product, is a learning robot that engages, educates and entertains kids.
The child-safe personal robot can see, hear, sense and remember children’s moods.
In a statement, Sneh said, “Our growth journey till Miko 2 was about creating a product that meets the needs of today's parents who seek a positive and trusted gateway of technology. Miko 2 has now evolved into a powerful content subscription platform with global content alliances. We are on track to surpass the 100,000-user mark in the coming quarters with Miko 2 hosting hundreds of applications and use cases. It’s very encouraging for the entire Miko team to build a global consumer technology brand out of India.”
Ishpreet Gandhi, Founder & Managing Partner, Stride Ventures, commented, “At Stride, it is our mission to make the credit ecosystem more accessible to startups. The investment in Miko represents Stride’s commitment to enabling frontier technologies that have the potential to disrupt the status quo. We are proud to be associated with a company that is revolutionizing pedagogy through interactive IoT.”
A five year-old Mumbai-based startup, Miko has around 120 employees in the US and India. The company has divulged that it will use the new influx for global market expansion in North America, the UK and the Middle East. Miko also has plans to bolster its product portfolio with new product development and increased R&D efforts.