Robotics firm 'Miko' bags Rs. 28 crore in Series C
As part of its Series C round, robotics firm Miko is raising Rs. 28 crore ($3.3 million) The Mumbai-based startup has just three months to complete its previous tranche.
A group of angel investors valued the company at $200 million in a new round in August. The development was exclusively covered by Entrackr.
The board of Miko has approved the issuance of up to 924 Series C CCPS with an issue price of Rs. 3,02,694.58, aggregating to Rs. 27.96 crore, to IvyCap Ventures Trust Fund III, in one or more tranches.
The firm will allocate resources for corporate objectives and general corporate objectives, including ongoing research and product improvement, sales and marketing expenses, operational expenses and working capital.
Miko specializes in emotionally intelligent robots, and it integrates artificial intelligence (AI) and the Internet of Things (IoT) into its flagship products: Miko, Miko 2, and Miko 3. The firm's first-generation robots were so successful that they got an upgraded version with voice recognition technology, which allowed the gadgets to see, hear, feel, talk, and recognize faces.
The company claims to serve customers across 140 countries, including regions like the United States, Europe and the Middle East.
Over $60 million has been raised by Miko, including a $29 million Series B funding round led by IvyCap Ventures. Chiratae Ventures held the largest external stake at 13.77% before this round, according to startup intelligence platform TheKredible.
In FY23, Miko's Indian entity's revenue from operations jumped 137.5% to Rs. 225.6 crore, compared to Rs. 95 crore in FY22. The company's losses rose 39% to Rs. 107.7 crore in FY23, as its losses rose 39%.
A group of angel investors valued the company at $200 million in a new round in August. The development was exclusively covered by Entrackr.
The board of Miko has approved the issuance of up to 924 Series C CCPS with an issue price of Rs. 3,02,694.58, aggregating to Rs. 27.96 crore, to IvyCap Ventures Trust Fund III, in one or more tranches.
The firm will allocate resources for corporate objectives and general corporate objectives, including ongoing research and product improvement, sales and marketing expenses, operational expenses and working capital.
Miko specializes in emotionally intelligent robots, and it integrates artificial intelligence (AI) and the Internet of Things (IoT) into its flagship products: Miko, Miko 2, and Miko 3. The firm's first-generation robots were so successful that they got an upgraded version with voice recognition technology, which allowed the gadgets to see, hear, feel, talk, and recognize faces.
The company claims to serve customers across 140 countries, including regions like the United States, Europe and the Middle East.
Over $60 million has been raised by Miko, including a $29 million Series B funding round led by IvyCap Ventures. Chiratae Ventures held the largest external stake at 13.77% before this round, according to startup intelligence platform TheKredible.
In FY23, Miko's Indian entity's revenue from operations jumped 137.5% to Rs. 225.6 crore, compared to Rs. 95 crore in FY22. The company's losses rose 39% to Rs. 107.7 crore in FY23, as its losses rose 39%.
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