VC Fund Investments
‘Miko’ robots maker Emotix to raise Rs.28-Cr in Series C from IvyCap Ventures
Mumbai-based Miko brand robots maker Emotix is raising INR 28 crore (USD 3.3 million) from IvyCap Ventures via a new tranche in its Series C round. Emotix will issue 924 Series C CCPS at INR 3,02,694.58 each aggregating to INR 27.96 crore to IvyCap Ventures Trust Fund III.In August, the company had raised INR 20.5 crore (approx. USD 2.5 million) in a new round from a group of angel investors at a valuation of USD 200 million.Emotix specializes in ‘emotionally intelligent’ robots, integrating artificial intelligence (AI) and the Internet of Things (IoT) into its flagship products - Miko, Miko 2, and Miko 3. The company claims to serve customers across the US, Europe and the Middle East.The company will deploy the new funds for business requirements and for funding research and product development, sales and marketing and also to meet operating expenses and working capital needs.The firm’s revenue from operations went up 137.5% to INR 225.6 crore in FY23 as compared to INR 95 crore in FY22.
Between Apr-18 and May-22, Emotix had raised about USD 60 M from 360 ONE, Chiratae Ventures, IvyCap Ventures, YourNest, others. It has also attracted venture debt from Stride Ventures.
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