Chiratae Ventures leads $7.5 mn Series A in robotics startup Miko

Mumbai-based Miko, a consumer-focussed robotics enterprise, has raised $7.5 million in Series A round, led by Chiratae Ventures (formerly IDG Ventures India).

Other investors in the round include YourNest Venture Capital, investor Bruno Raschle’s family office and a group of angel investors, the company said in a statement.

The robotic startup said it will use the funds for research and development, product development and expand footprint in North America, the UK and the Middle East. Its flagship product called Miko 2 is a learning robot which engages, educates and entertains kids, it added.

“We’re bringing our artificial intelligence (AI)-driven playful learning robots to international markets to meet the needs of today's parents who seek a trusted gateway of technology, which also caters to the learning and developmental needs of children,” said Sneh Vaswani, co-founder and chief executive officer, Miko.

Miko 2 has new features including parental controls that help to ensure the safety and security of children, the statement said.

Miko was started by three IIT Bombay graduates, Vaswani, Prashant Iyengar and Chintan Raikar in 2015.

Last month, it had raised $2.71 million in a funding round led by the Chiratae Ventures, which was part of the $7.5 million announced.

“With success under its belt in India and the Middle East, Miko is on its way to entering 20 million global homes by 2023,” Sudhir Sethi, founder and chairman, Chiratae Ventures, said.