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Stride Ventures, has led an investment round of ₹23 crore in Miko, the India based global robotics firm. All existing investors including Chiratae Ventures, YourNest Venture Capital and a group of Angels led by former Chairman of Nasscom, Keshav Murugesh have participated in the round. The new capital will fund product development and global alliances.
Founded in 2015, Miko was created by three IIT Bombay graduates, Sneh R Vaswani, Prashant Iyengar and Chintan Raikar, along with global experts in engineering, mathematics, design and education. After the success of their first generation of Miko, the company launched Miko 2, a robot that can see, hear, sense, express, talk, recognise faces, remember names, identify moods, initiate a conversation and learn from its own environment to intuitively develop a bond with a child.
Miko 2
Miko 2 addresses a complex need-gap of education, technology, entertainment and hence an enabler in effective parenting.
Ishpreet Gandhi, founder and managing partner, Stride Ventures, said “At Stride, it is our mission to make the credit ecosystem more accessible to start-ups. The investment in Miko represents Stride’s commitment to enabling frontier technologies that have the potential to disrupt the status quo. We are proud to be associated with a company that is revolutionising pedagogy through interactive IoT.”
“Our growth journey till Miko 2 was about creating a product that meets the needs of today's parents who seek a positive and trusted gateway of technology. Miko 2 has now evolved into a powerful content subscription platform with global content alliances. We are on track to surpass the 100,000 user mark in the coming quarters with Miko 2 hosting hundreds of applications and use cases. It is very encouraging for the entire Miko team to build a global consumer technology brand out of India. In our journey, we are very pleased to partner with Stride Ventures and are looking forward towards a long term relationship ” said Sneh R Vaswani, co-founder and CEO, Miko.
Global footprint
After the US expansion of Miko, it has now scaled its user base in more than 90 countries. The company saw over 20 per cent month-on-month growth in engagement during the pandemic surpassing 70 million interactions on its platform. The company also witnessed an immediate increase in demand as parents are hunting for an alternative to screens for their kids. Miko has 150 employees in the US and India.
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