Total amount raised
$64.9 Millions
Latest funding date
08/01/2024
Location
Miko has successfully raised funding through multiple rounds, with its latest being a Series C. The company is known for developing AI-powered robots designed to educate and entertain children.
Keep reading to explore the intricacies of Miko's fundraising journey and the investors backing this innovative platform.
What Is Miko?
Miko, founded in 2015, is a consumer robotics lab based in Mumbai, Maharashtra, India. The company specializes in developing AI-powered robots designed to educate and entertain children.
Founded by Chintan Raikar, Prashant Iyengar, and Sneh Vaswani, Miko offers personalized learning experiences through its companion robots. These robots adapt to the user's communication styles and feature a parental dashboard for content control.
With a team of 251-500 employees, Miko is committed to making a positive impact on people and the planet through the magic of AI. Their products help children develop problem-solving abilities, critical thinking, and social interactions.
How Much Funding Has Miko Raised?
- Series A
- Amount Raised: ₹160M
- Date: September 2019
- Lead Investors: Keshav Murugesh
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and enhance AI capabilities.
- Series A
- Amount Raised: $7.5M
- Date: August 2019
- Lead Investors: Chiratae Ventures, IDG Capital, YourNest Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Venture Round
- Amount Raised: $2M
- Date: April 2018
- Lead Investors: Chiratae Ventures, IDG Capital, YourNest Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop new product features and enhance user experience.
- Series B
- Amount Raised: ₹230M
- Date: October 2020
- Lead Investors: Stride Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand the team.
- Series B
- Amount Raised: ₹500M
- Date: April 2021
- Lead Investors: IvyCap Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance AI technology and expand market reach.
- Series B
- Amount Raised: $28M
- Date: August 2021
- Lead Investors: Aroa Venture Partners, IIFL Finance, Mankind Pharma
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production and improve product features.
- Debt Financing
- Amount Raised: ₹1B
- Date: May 2022
- Lead Investors: Stride Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and debt restructuring.
- Series C
- Amount Raised: ₹205.5M
- Date: August 2024
- Lead Investors: Moneycrew Fintech
- Valuation at Round: $206M
- Motivation Behind the Round: To further develop emotionally intelligent robots and expand market presence.
Total Amount Raised: $60M
Current Valuation: $206M
Key Investors
- Moneycrew Fintech
- Details: Moneycrew Fintech is a financial technology company that contributed ₹4.5 crore to Miko's latest funding round. Specific details about the company are not provided in the sources.
- Investment Focus Areas: Fintech, financial services.
- Notable Investments: Not specified in the sources.
- Stride Ventures
- Details: Stride Ventures is a venture capital firm that has been a significant investor in Miko, participating in multiple funding rounds. The firm focuses on providing structured debt solutions to growth-stage companies.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Not specified in the sources.
- Aroa Venture Partners
- Details: Aroa Venture Partners is a venture capital firm that invested in Miko during its Series B round. The firm is known for backing innovative startups in various sectors.
- Investment Focus Areas: Technology, healthcare, consumer media.
- Notable Investments: Not specified in the sources.
- IvyCap Ventures
- Details: IvyCap Ventures is a venture capital firm that led a $29 million Series B round for Miko in 2021. The firm holds a 13% stake in Miko.
- Investment Focus Areas: Technology, healthcare, education, consumer businesses.
- Notable Investments: Led a $29 million Series B round for Miko in 2021.
- Chiratae Ventures
- Details: Chiratae Ventures is a venture capital firm and the largest external shareholder in Miko with a 13.77% stake. The firm has been involved in multiple funding rounds for Miko.
- Investment Focus Areas: Technology, healthcare, consumer media, financial services.
- Notable Investments: Not specified in the sources.
What's Next for Miko?
Miko's future looks promising with significant opportunities in the development of emotionally intelligent robots. Leveraging AI and IoT, the company aims to expand its product lines and market reach. The recent $2.5 million funding round, which boosted its valuation to $206 million, underscores the substantial market potential and investor confidence.
Given its strong growth trajectory, Miko is likely to attract further investment to support ongoing innovation and market expansion. Future fundraising rounds, including potential Series D, could help the company scale operations and enhance technological capabilities. However, Miko will need to navigate challenges such as high competition, managing operational costs, and keeping up with rapid technological advancements.
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