Emotix, a robotics startup, has raised INR 15.98 crore in a round from clutch of investors. The investors, who participated in the round, held by Mumbai-based robotic platform Emotix, comprise of Keshav Rurugesh, Chairman of NASSCOM and CEO of WNS Group, Inderjit Kaur Arora, Suresh Subramani, Giridhar Sanjeevi including few more, cited Inc42.
The investment has come a month after Emotix bagged $7.5 million in series A funding led by Chiratae Ventures, YourNest Venture Capital, investor Bruno Raschle’s family office, and a group of angel investors comprising technology evangelists.
According to sources, Emotix has allotted 2,403 seed 1 CCPS (Compulsorily Convertible Preference Shares) to 10 angel investors at a nominal value of INR 100 and a premium of INR 66,419 per share. Robotic-driven firm Emotix will use the infused funds for international expansion to North America, UK and the Middle East.
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.
In FY19-20 the company aims to be profitable with a Y-o-Y growth of 354 per cent.
Furthermore, according to a report on the educational robot market is valued at $778.6 Mn in 2018 and is expected to reach $1,689.2 Mn by 2023, at a CAGR of 16.8 per cent between 2018 and 2023.