AI-based robot maker Emotix raises $2.71mn from Chiratae, others
Mumbai-based Emotix, which makes robots for consumer use, has raised $2.71 million (Rs 18.58 crore at the current exchange rate) in a round led by Chiratae Ventures (formerly IDG Ventures).
While Chiratae has contributed $1.32 million (Rs 9.08 crore at the current exchange rate), the rest came from Yournest and Technology Venture fund whose credentials could not be immediately verified by TechCircle.
While the investment stage and round could not be ascertained, the company raised the money by issuing 2,794 seed one class compulsorily convertible preference shares (CCPS), according to the company’s filings with the ministry of corporate affairs.
E-mail queries sent to Emotix seeking more information on the funding round did not elicit a response at the time of filing this report.
RN Chidakashi Technologies Pvt Ltd, which operates the venture, was founded in 2014 by IIT Bombay alumni Sneh Vaswani, Prashant Iyengar and Chintan Raikar.
Emotix claims to be a consumer electronics company that makes products combining robotics, artificial intelligence (AI) and Internet of Things (IoT). The company claims to have made products that include robots as human companions and navy-grade autonomous underwater vehicles.
Miko, the flagship product, is an advanced personal robot for kids, which is capable of engaging, educating and entertaining them. The company’s products are available on e-commerce portals like Flipkart as well as offline retailers like Croma and Hamleys.