Mumbai-based educational robotics startup Emotix that identifies emotional intelligence has secured $2.69 million (INR 18.58 Cr) in a fresh funding round from Chiratae (formerly IDG Ventures India), Technology Venture Fund and Yournest India. The company had last raised $2 million in April last year.
Founded in 2015 by three IIT Bombay alumni - Sneh Vaswani, Chintan Raikar and Prashant Iyengar, Emotix is the creator of Miko, a robot for children that focused on educating and entertaining children.
Miko has the capability to keep improving its knowledge graph over time by capturing new information.
Talking about Miko, Emotix co-founder and CEO Vaswani said that it’s an interface that “aims to fulfill the gaps in a young child’s education that can be used to engage, interact and ultimately educate the child without taking anything away from a human experience.” The company had recently launched second model of Miko, named Miko 2.
The Wi-Fi operated robot, Miko 2 can help parents in early child education by engaging in playful learning. Explaining the product, Vaswani said at the time of its launch that "The robot can initiate and hold long conversations with kids, impart academic and general knowledge. It is powered by a proprietary emotional intelligence engine developed in-house by emotix, enabling the robot to identify and remember the child's moods and adapt to it."
A major makeover from its maiden product, Miko 2 can see, hear, sense, express, talk, recognize faces, remember names, sense moods, initiate conversation, and learn from its own environment to develop a bond with the child. It comes with a new HD camera for face recognition, hear through active noise cancellation microphones and has edge sensors to save it from running off edges likes tables or stairs, among other sophisticated features.
Miko 2 Image source
While talking about educational robot startup, it is worth mentioning here that according to a report on the “Educational Robot Market by Component (Hardware and Software), Type (Humanoid and Non-Humanoid), Education Level (Elementary and High School Education, Higher Education, and Special Education), and Geography – Global Forecast to 2023”, the educational robot market is valued at US$778.6 million in 2018 and is expected to reach US$1,689.2 million by 2023, at a CAGR of 16.8% between 2018 and 2023.
Meanwhile, it is reportedly said that the latest investment in Emotix is a part of a larger funding round and that the fresh funds will be invested towards company’s research and development requirements. It seems the company is also expanding its operations in the US.