25 April 2018, India:
Robotics startup Emotix has raised $2 million in pre-Series A round of funding. The funding round was led by IDG Ventures India and YourNest. Existing Angel Investors including Keshav Murugesh (Group CEO of IT firm WNS) also particpated in the funding round.
The development was first reported by Economics Times.
As a part of investment, Satish Mugulavalli, director of technology at YourNest will join the Emotix board.
The startup will use the fresh capital for new product development and research in the area of consumer robotics focused on emotional and Artificial Intelligence.
Sneh Vaswani, co-founder 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.”
Vaswani added, “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. 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.”
Emotix was founded by Chintan Raikar, Prashant Iyengar and Sneh Vaswani in October 2014. It is a consumer electronics company founded on the pillars of Robotics, Artificial Intelligence, and Internet of Things.
(Image – Emotix)
