Learning robots maker Emotix has been drawing considerable interest from institutional investors as well as individual backers. After raising a round from Chiratae and YourNest Ventures Capital, the firm has raised a fresh round from a clutch of angels.
In yet another round, the Mumbai based company has raised another Rs 16 crore led by WNS group CEO and NASSCOM’s Chairman – Keshav R Murugesh.
The company allotted 1316 series “ Seed 1” CCPS worth Rs 8.75 crores to Murugesh who was followed by existing investor and Adveq Holdings founder Bruno Raschle with an investment of Rs 3.44 crore in this round.
According to RoC filings, Emotix issued 2,403 compulsorily convertible preference shares to several individual investors including Inderjit Kaur Arora, Suresh Subramani, Giridhar Sanjeevi and a few others at a price of Rs 66,519 per share(including a premium of Rs 66,419).
This is the third round of funding for the companion robot maker. Previously, Emotix had raised Rs18.6 crore and Rs 53.42 crore in July and August respectively, with significant investments from Chiratae ventures and YourNest Capital.
The interest of investors in Emotix is largely driven by its competency in churning out Artificial Intelligence(AI) enabled product line as well as research & development programs in the same field.
The company currently has two products in the market – Miko 1.0 and Miko 2.0. It’s reportedly working on a third prototype with improved emotional intelligence.
The company claims its latest offering, Miko 2.0 is “more than just a robot”.
The AI-enabled device comes with 32 sensors including cameras and microphones. It is programmed to act as a companion to toddlers and growing children, responding to their questions and touch inputs.
Claiming to have sold a million units, Emotix also fulfilled bulk orders for schools and institutions who used the robot to educate students about robotics and AI. Besides the local market, the company exports its products to Europe and North America.
