Mumbai-based advanced robotics startup, Miko has raised Rs 50 crore in a funding round led by IvyCap Ventures. The existing investors Chiratae Ventures, YourNest Capital, and angel investors led by Keshav Murugesh -former chairman of NASSCOM, also participated in the round.

The company uses the fresh capital to fund the product development and strengthen global alliances as the company builds a strong global brand.

Miko, founded by three IIT Bombay graduates, Sneh R Vaswani, Prashant V. Iyengar, and Chintan S Raikar, along with global experts in engineering, mathematics, design, and education in 2015, is a consumer robotics innovation lab passionate about bringing the best of technology to learners. Learning at Miko is the integration of state-of-art artificial intelligence, robotics, and IoT.

The company has launched the Miko2 robot is a child-safe personal robot that can see, hear, sense, and remembers a child's mood. It has also recently opened the Miko platform to allow child-focused content partners and developers to port their content and make it available to families on subscription.

The company currently has its user base in more than 140 countries and has witnessed 3 times jump in user engagement during the pandemic. There is a massive surge in demand for Miko products as parents want their children to be engaged positively during the lockdown. The startup is also aiming for a portfolio of new products in the coming years.

“We have closely seen Sneh and team build Miko and are delighted to witness such a solid technology and product company built in India and catering to global markets. The global play and sound fundamentals have ensured the company’s consistent growth trajectory,” says, Vikram Gupta, Founder and Managing Partner, IvyCap Ventures Advisors Pvt Ltd.

Sudhir Sethi, Founder, and Chairman of Chiratae Ventures said: “The company has showcased consistent month on month capital-efficient growth amidst the pandemic. With this round, Miko is now well-positioned to grow to a $100M revenue company with multiple products in 2 years from now.”

“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 YoY growth in revenue. We are elated to welcome IvyCap Ventures in our journey and highly appreciate the support from all existing investors.” said Sneh R Vaswani, Co-Founder, and CEO, Miko.