Miko’s cofounder and CEO, Sneh Vaswani, stated that the purchase is a natural fit for two firms that share a love for robotics and learning.
According to a release, the acquisition by Miko will provide an exit for Square Off’s current investors. The acquisition cost, however, was not disclosed.
Miko’s product offers will benefit from the purchase.As part of the agreement, Square Off’s leadership will continue to oversee the company. The businesses hope to earn more than $100 million in sales by 2023.
Aatur Mehta and Bhavya Gohil founded Square Off in 2016 to allow online gamers interact and compete internationally. It provides its users with automated chess board games.Square Off has teamed with chess.com and lichess.com to link users with other online gamers. The firm claims to have a presence in more than 50 countries and a user base of more than 100 million people.
Miko and Square Off will shortly consolidate their product portfolios, according to the announcement. Miko’s robots will also be shown teaching young children how to play chess and other board games.
“The merger is a natural fit for two companies with a shared interest in robotics and learning.” Artificial intelligence (AI) is the future of play, and Square Off’s invention has altered how young and elderly players engage with chess and other board games. “We are thrilled to be able to assist Square Off in furthering its expansion,” stated Sneh Vaswani, cofounder and CEO of Miko.
Miko, launched in 2015 by Vaswani, Prashant Iyengar, and Chintan Raikar, is a children’s robotics firm that creates emotionally intelligent robots for children aged 5 to 9.
Stride Ventures allegedly provided Miko with $13.3 million in debt capital in May. It obtained $28 million in Series B fundraising last August from IIFL AMC, Mankind Pharma Family Office, Aroa Ventures, IvyCap Ventures, and a number of other investors.
Miko claims that their goods are COPPA and kidSAFE+ certified. Among its content partners are Disney, Paramount Consumer Products, Lingokids, Da Vinci Kids, Cosmic Kids, KidloLand, and Kidoodle.TV.
Miko’s product, Miko 3, was released in August via Disney’s official app. In 2021, the firm also took part in the Disney Accelerator.
According to a Deloitte research, the Indian online gaming business is expected to reach $2.8 billion this year (2022).