Miko Gets Shareholders’ Nod To Raise INR 28 Cr Via Preferential Issue

AI-driven robotics startup Miko has received shareholders’ approval to raise INR 27.96 Cr (around $3.30 Mn) from IvyCap Ventures through issuance of preference shares.

In a filing with the Registrar of Companies, the company said it would raise the sum by allotting up to 924 Series C compulsorily convertible preference shares (CCPS) at an issue price of INR 3.02 Lakh each to IvyCap Ventures.

The company plans to use the fresh capital to fund business requirements and for general corporate purposes, the filing showed.

“Upon becoming fully paid-up Series C CCPS will be compulsorily convertible to equity shares at the option of the Series C CCPS holder at any time no later than a Liquidation Event (as defined in the shareholders’ agreement or the expiry of 19 years from the allotment date, whichever is earlier,” the filing read.

IvyCap Ventures will enhance its equity stake to 9.43% after the allotment of preference shares, it added.

Founded in 2015, Miko develops AI powered educational robots to engage and educate children aged between 5-10 years. It claims itself as a consumer robotics innovations lab that offers high technology to young learners. 

The development comes at a time when the Indian startup ecosystem is witnessing a rise in AI driven and robotic automation startups. 

Recently, Bengaluru-based robotics startup CynLr raised $10 Mn in a Series A funding round led by Pavestone and Athera Venture Partners. 

Last week, another deeptech startup that develops magnetically-controlled nanorobots, Theranautilus raised $1.2 Mn in its seed funding round led by pi Ventures. 

In October, robotics startup Perceptyne secured $3 Mn in a seed funding round co-led by Endiya Partners and Yali Capital. 

According to a Goldman Sachs Equity Investment report, the humanoid robots market is expected to touch $38 Bn by 2035.