Miko, a Mumbai, India-based robotics company, raised $7.5m in Series A funding.
The round was led by Chiratae Ventures (formerly IDG Ventures India), YourNest Venture Capital, Bruno Raschle’s family office, and a group of angel investors consisting of industry veterans and technology evangelists.
The company intends to use the funds for global market expansion in North America, UK and the Middle East and bolstering its products with new product development, launches in multiple markets, and a commitment to R&D in the areas of emotional and artificial intelligence.
Founded in 2015 by three IIT Bombay graduates, Sneh Vaswani, Prashant Iyengar and Chintan Raikar, along with global experts in engineering, mathematics, design and education, Miko provides a playful learning robot that engages, educates and entertains kids.
After the first generation of Miko, the company launched Miko 2, a robot that can see, hear, sense, express, talk, recognize faces, remember names, identify moods, initiate a conversation and learn from its own environment to intuitively develop a bond with a child. Extensive new features such as parental controls help to ensure safety and security.
As part of its international expansion, the company plans a launch in North America ahead of the holiday season.
Miko has 120 employees in the US and India.