$2M Funding for Emotix, from IDG Ventures India, YourNest

Image Source : Emotix

 

Robotics startup Emotix has raised $2 million in a funding round led by venture capital firms IDG Ventures India and YourNest. The startup, which was founded by three IIT-Bombay graduates, has created India’s first personal companion robot, Miko, which is focused on educating and entertaining children. The funds will be used for new product development and research in the area of consumer robotics focussed on emotional and artificial intelligence.

Sneh Vaswani, cofounder of Emotix told ET,
“Over the past two-and-a-half years, we have created a hardware product for consumers specifically focusing on children from the age of 5 to their teenage years. The robot Miko has a conversation and can teach them about diverse things from flowers to cars.”
According to Vaswani, the company has seen an equal amount of traction from parents in tier-II and -III cities, as well as from those in the metros.
He further said that,
“Besides a consistent growth rate in sales, we surpass some of the best AI conversational stacks globally, by clocking 37 times the average session duration with our user as compared to industry peers.”

Priced at Rs 19,000, Miko which is  has the capability to keep improving its knowledge graph over time by capturing new information.  Prior to its launch, 22 pilots were conducted.

They are planning to introduce new updates every 15-20 days for the children’s . The funds raised will be used for creating new consumer robot products that the company will roll out in the coming years.

Source : The article was first published in Economic Times.