SUMMARY
The acquisition by Miko will give an exit to Square Off’s existing investors and help Miko expand its product offerings
As part of the deal, Square Off’s leadership will continue to run the startup
Together, the startups aim to generate over $100 Mn in revenue in 2023
Children-focused robotics startup Miko has acquired a 70% stake in AI-enabled gaming startup Square Off.
The acquisition by Miko will give an exit to Square Off’s existing investors, a statement said. However, it didn’t disclose the acquisition cost.
The acquisition will help Miko expand its product offerings.
As part of the deal, Square Off’s leadership will continue to run the startup. The startups together aim to generate over $100 Mn in revenue in 2023.
Founded in 2016 by Aatur Mehta and Bhavya Gohil, Square Off helps online players connect and play against each other globally. It offers automated chess board games to its users.
Square Off has partnered with chess.com and lichess.com, thereby allowing users to connect with other online players. The startup claims to have a presence in over 50 countries and a user base of over 100 Mn.
According to the statement, Miko and Square Off will soon combine their product offerings. Besides, Miko’s robots will also be seen teaching young children chess and other board games.
“The move is a natural fit for two companies that share a passion for robotics and learning. AI is the future of play, and Square Off’s innovation has transformed how young and old players interact with chess and other board games. We are excited to help Square Off continue accelerating its growth,” said Sneh Vaswani, cofounder and CEO of Miko.
Miko, founded in 2015 by Vaswani, Prashant Iyengar and Chintan Raikar, is a kids-focused robotic startup that builds emotionally intelligent robots for children in the 5-9 years age group. It has an employee headcount of over 230 and offices in Silicon Valley, London and Mumbai.
In May, Miko reportedly secured $13.3 Mn debt funding from Stride Ventures. In August last year, it raised $28 Mn in Series B funding round from IIFL AMC, Mankind Pharma Family Office, Aroa Ventures, IvyCap Ventures and a slew of other investors.
Miko claims that its products are kidSAFE+ COPPA certified. Its content partners include Disney, Paramount Consumer Products, Lingokids, Da Vinci Kids, Cosmic Kids, KidloLand, Kidoodle.TV, among others.
In August, Miko’s product called Miko 3 was launched on Disney’s official app. In 2021, the startup also participated in 2021 Disney Accelerator.
According to a Deloitte report, the online gaming industry in India is likely to grow into a $2.8 Mn market this year (2022).
