Emotix, the robotics startups founded by alumni of IIT Bombay Sneh Vaswani, Prashant Iyengar and Chintan Raikar has raised a huge fund from a clutch of angel investors. The funding round brought around INR 16Cr for the company. Recently in August, the company had raised $7.5 million in Series A funding round which was led by Chiratae Ventures & YouNest Venture Capital.

The flagship product Miko looked for global expansion with the fund it had raised previously. WNS group CEO and NASSCOM’s chaiman Keshav Ruguresh, Indrajit Kaur Arora, Suresh Subramani, Giridhar Sanjeevi

and few others invested in the company in the funding round that was held in September.

According to Inc42, the Ministry of Corporate Affairs Filing stated that the company on September 21 allotted 2,403 Seed 1 CCPS to 10 angel investors at a value of INR 66,419 per share.

The fund again will be used for its further expansion to North America, UK and Middle East. The vision of the company is to create emotionally intelligent solutions using Artificial Intelligence, Robotics and Internet of Things. Part of the fund will be allocated for R&D and manufacturing newer products.

Emotix claims that Miko has capability to improve the knowledge graph by acquiring data. It had recently launched Miko 2. It is also expanding its operation in US.

Bengaluru-based Playshify which raised similar fund in August is termed as the closest competition to the company. A report states that the Educational Robot market by means of hardware, software, humanoid, non-humanoid, and education was valued at USD 778.6M in 2018 and it is expected to reach USD 1,689.2M by 2023, at a CAGR of 16.8 percent