Miko Acquires Majority Stake In AI Gaming Startup Square Off
AI robot maker for kids Miko has acquired a 70% stake in gaming platform Square Off for an undisclosed sum.
The acquisition of Square Off will allow a complete exit for its existing investors. However, the leadership of the gaming platform is expected to stay onboard post the acquisition.
As per a statement, the AI-driven firms aim to generate $100 million+ of revenue in 2023 through the partnership.
Miko | Advanced Robotics Startup
Co-founded by Sneh Vaswani, Chintan Raikar and Prashant Iyengar, Miko is an advanced consumer robotics startup. Its product Miko 3, an AI-powered intelligent robot, uses playful, conversational learning to educate, engage and entertain kids aged 5-10 years.
Speaking about the development, Sneh Vaswani, Co-Founder and CEO of Miko robots, said,
“Miko robots and Square Off smartboard games will soon communicate with Miko robots taking on the role of instructors that teach children to play chess and other board games.”
The AI robot maker for kids eyes an expansion of its current portfolio expecting synergistic product growth through the collaboration. As per Atur Mehta, Co-founder of Square Off, the acquisition is expected to bring new levels of innovation, design and interaction to the space.
In August 2021, AI robot maker Miko raised about $28 million in a Series B round in August 2021. The round was led by IIFL AMC, Mankind Pharma Family Office and Aroa Ventures, among others, to strengthen product development and global alliances.
Recently, Miko kicked off sales in the USA and also partnered with Paramount Consumer Products in July in a bid to feature the latter’s animated stories in the Miko 3 kids’ robot. The robot maker for kids employs over 230 people globally. Its operations span 140 countries, as its user base widened following the COVID-19 pandemic.
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