Emotix, a Mumbai based robotic startup has raised ₹18.6 crore in seed round from Chiratae Ventures, YourNest India VC Fund, and Technology Venture Fund. The company plans to use the funding for R&D and new product development.
The investors have been allotted 2,794 Seed 1 compulsorily convertible preference shares (Seed 1 CCPS) on May 15, each at a premium of Rs 66,419 per share.
Of the total, Chiratae has invested ₹9.08 crore, while YourNest infused ₹8.26 crore, and Technology Venture Fund poured in ₹1.23 crore.
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.
Currently, it has two products, Miko 1.0 and Miko 2.0, priced at ₹19,000 and ₹25,000, respectively.