Miko, an advanced consumer robotics company, announced that it has raised INR 100 Crore ($13.3 million) in debt from stride ventures.
According to a report, the board at Miko has passed a special resolution to issue 10,002 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each to raise Rs 100 crore.
Mumbai-based Miko will use this fund to meet working capital and general corporate requirements in accordance with the approved business plan of the company, a report further added.
Co-founded by three IIT Bombay graduates - Sneh Vaswani, Prashant Iyengar, and Chintan Raikar in 2015, Miko allows child-focused content partners and developers to port their content on the platform and make it available to families on subscription. The platform creates emotionally intelligent robots which leverage artificial intelligence and the Internet of Things (IoT) in developing its flagship brand Miko.
After the success of 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.
Miko 2 cuts across a complex need-gap of education, technology, and entertainment, and hence is an enabler for effective parenting.
With the launch of its new premium partnerships, Miko is bringing the world’s best children’s content onto a single platform. The new premium content partners include Lingokids, Da Vinci Kids, Cosmic Kids, KidloL and Tiny Tusks, Oxford University Press and Out of this Word. Together, these partnerships bring more than 50,000 hours of new content experiences, 1,000+ experience types, games, puzzles, TV shows, coding lessons, yoga and more. It also covers a range of STEAM topics. The robotics startup claims to have customers across 140 countries
In August 2021, Miko had raised $29 million in its Series C funding round led by 30 investors. This was the startup's second funding in the year, which earlier raised $6.7 million led by IvyCap Ventures in the same year in April.