The Indian Wire » Startups » Mumbai-based Emotix bags $7.5 million in series A round from Chiratae Ventures, YourNest Venture Capital, others
Startups

Mumbai-based Emotix bags $7.5 million in series A round from Chiratae Ventures, YourNest Venture Capital, others

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Emotix, a Mumbai-based robotics startup, has secured $7.5 million in series A funding. The round was led by Chiratae Ventures, YourNest Venture Capital, investor Bruno Raschle’s family office, and a group of angel investors comprising technology evangelists.

The infuse funds will help the platform with new product development, and further R&D in areas of emotional and artificial intelligence.

“Our company has grown over the past five years. We’re excited to bring our AI-driven playful learning robots to international markets as a way to meet the needs of today’s parents who seek a positive and trusted gateway of technology, which also caters to the learning and developmental needs of children,” Sneh Vaswani, co-founder at Emotix said.

Emotix was founded in October, 2014 by Chintan RaikarPrashant Iyengar, and Sneh Vaswani to address the social needs of Indian parents and children.

With a team of engineers, mathematicians, artists, and neuro-psychologists, the company created Miko, an artificial intelligence based companion robot capable of engaging, educating, and entertaining children above five years. Miko helps them learn, play, and develop skills.

Sudhir Sethi, Founder and Chairman of Chiratae Ventures, said, “Our firm is thrilled to reinvest in the team at Miko. With success under its belt in India and the Middle East, Miko is on its way to entering 20 million global homes by 2023.”

Currently, it offers two products, Miko 1.0 and Miko 2.0, priced at Rs 19,000 and Rs 25,000, respectively.

Sunil Goyal, Managing Director of YourNest Venture Capital, said, “The team at Miko has successfully achieved all of its milestones over the past few years. The team’s execution skills and immense consumer obsession has reaffirmed our faith in their vision. We’re more than happy to reinvest in this round.”

Apart from Emotix, other robotic startups includes iRobot, MilagrowaliveRobotsKC Robotics and many more.

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