Emotix, the technology company which makes the companion robot Miko has raised Rs 53.42 crores (around $7.5 million) in its Series A round led by its existing investors Chiratae Ventures and YourNest Venture Capital.
Additionally, the company would be receiving investments from a bunch of angel investors including Adveq Holdings founder Bruno Raschle
The Mumbai based company will be using these proceeds to fund its research initiatives focussed on Artificial Intelligence(AI) and fuel its expansion in the markets of North America, the Middle East, and the UK.
According to Sneh Vaswani, CEO, Emotix, the robotics startup is testing international waters with its emotional intelligence-enabled robots. The company intends to put India on the Robotics map by introducing Miko into foreign households.
Meanwhile, Chiratae’s Founder Chairman Sudhir Sethi emphasised that the AI robot could be part of around 20 million households around the globe by 2023.
Miko was India’s first AI-enabled learning robot which was launched first in October 2017. Emotix has plans to launch the product in the North American market around the holiday season later this year in a bid to grab the eyeballs of both children and their parents alike.
The lead investors, YourNest and Chiratae have reaffirmed their faith in the product and the team behind Miko as this would be their third investment in the company after putting pre-seed and seed rounds.
Previously, the Mumbai based startup had raised around Rs 13 crores in a pre Series A funding round led by Chiratae and YourNest in April 2018 and Rs 18.6 crores in a bridge round earlier this year.
The development was reported by ET.