The learning robot maker, Emotix (1), has secured 13.3 crore INR in its extended Series A funding round. It would be the first investment of the company in the current fiscal year. Notably, the company is selling its robots under the brand name, Miko.
Its existing investor, Chiratae Ventures, poured 5.51 crore INR investments, followed by Keshav Murugesh, the NASSCOM Chairman. Notably, Keshav has invested 3.16 crore INR fundings in the company. Moreover, YourNest VC infused 3.16 crore INR investment and 1.11 crore INR investments by Bruno Rachel, the founder of Adveq Holdings.
Eleven other angel investors also participated in the latest financing round with an investment of 1.3 crore INR. Notably, Emotix allowed 1596 Seed-2 CCPS to the investors during its current round.
Emotix to Enhance Its Overseas Operations Post COVID-19 Pandemic
Earlier in August 2019, Emotix had secured 16 crore INR tranche from Murugesh. Simultaneously, in July and August, the company had also bagged 18.6 crore INR and 53.42 crore INR, respectively. Notably, the proceedings mainly came from Chirataeu and YourNest.
Sneh Vasani, Prashant Iyengar, and Chintan Raikar, the IIT Bombay alumnus, founded Emotix in January 2015. Their robot, Miko, is emotionally intelligent. The company claims that it uses AI, artificial intelligence, and IoT, the Internet of Things to develop Miko, its flagship robot brand.
In December 2019, Emotix also launched the upgraded version of its companion robot, Miko 2.0. The company priced it at 25,000 INR. The new version of Miko has several intelligent features, including voice-recognition technology. It enables the robot to see, hear, sense, talk, express, and recognize faces, unlike the previous version.
Emotix, the robots-making company, launched its Miko 2.o in North America in late 2019. However, because of the COVID-19 pandemic, the company had to halt its expansion plans. However, the company plans to ramp up its operations and expand to the overseas market once things get normal.
A team of 120 members that includes roboticists, academicians, and neuropsychologists are driving the company. Moreover, the core team of Miko, Emotix, is working together since 2009. They are known for making some of the world’s most widely acclaimed robots. It includes the most capable underwater vehicles of India.