Mumbai headquartered robotic firm Emotix has secured $2 million (Rs 13 crore) in pre-series A funding round. The funding round was led by well-known venture capital firms IDG Ventures and YourNest, while few existing investors including Keshav Murugesh also participated in the round.
Commenting on the funding, Emotix’s co-founder and CEO Sneh Vaswani said that the latest capital infusion will help the company in giving a big push to R&D and launching new products into the market.
Following the investment, Satish Mugulavalli (director of technology at YourNest) will join as a new director at Emotix’s board.
Emotix creates robots dedicated to children
Emotix’s flagship product Miko is a little robot that makes education and personal development real fun activity for small children. The company labels Miko as a little smart companion that will help in developing an all-round emotional quotient among the young children.
RN Chidakashi Technologies Pvt Ltd, the parent company that operates Emotix, claims that Miko is probably the only robot that is dedicated towards overall development of children. Customers can buy this little robotic product at several offline stores as well as online stores like Flipkart and Amazon.
Both IDG and YourNest boost good portfolio
IDG as well as YourNest boosts pretty good investment portfolio that covers tech, B2C and B2B companies. YourNest has pumped funds in more than 16 startups including Proof of Performance, Uniphore Software, Simpli5D Technologies, Bookmycab etc. This year it also raised funds for food tech startup SmartQ.
IDG, on other hand, boosts investment in more than 70 startups that includes big names like Myntra, FirstCry, Lenskart and Zivame.