Robotics startup Miko buys 70% stake in Square Off, eyes $100 million revenue by next year
By Team Startupcity | Thursday, 06 October 2022, 08:56 IST
Robotics startup Miko announced it has acquired a majority stake in Square Off, an AI-driven automated board games startup.
Miko acquired a 70% stake in Square Off, giving an exit route to the existing investors. “With the acquisition, Miko will expand its product line beyond the AI robot companions that initially put it on the map," the startup said in a statement.
Sneh Vaswani, Miko’s cofounder and chief executive officer (CEO), said the acquisition is a natural fit for two companies that share a passion for robotics and learning.
Miko claims that children who actively use Miko 3, one of its bestselling robot, increase their speaking proficiency, engagement with academic activities and physical activity by more than 45% on an average.
Square Off, meanwhile, builds interactive board games such as chess, using robotics and AI to adapt to the player’s expertise level.
“Miko robots and Square Off smart board games will soon communicate, with Miko robots taking on the role of instructors that teach children to play chess and other board games," Vaswani said.
Square Off's leadership will stay on board and continue to work towards bringing robotics and AI-powered smart toys to homes, it said, adding that "together, the brands aim to generate more than $100 million in revenue in 2023".
“We are thrilled to join forces with Miko on this journey to revolutionise edutainment for kids,” said Square Off cofounder and CEO Bhavya Gohil.
Atur Mehta, the startup’s cofounder and chief technology officer said the move will “bring new levels of innovation, design and interaction to the space.”.
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