The customisable Crescendo vibrator, showcased at Google Campus in East London, received backing from over 400 investors.
The 89 device can be shaped to suit the user's body. It comes with six "strong" motors, wireless charging and personalised "vibe patterns" that can be set through a smartphone app.
MysteryVibe CEO and founder Soumyadip Rakshit told Techworld that some of the money will be used to manufacture Crescendo devices for each of the individuals that backed the campaign on French crowdfunding site Born.
But the former Deloitte employee is optimistic that MysteryVibe will have 10,000 Crescendos available for purchase by November, adding that he's raising a separate funding round of £500,000 from angel investors that's likely to be closed within the next two months.
Rakshit, who holds a PhD in pattern recognition, claims he has built up a strong team of mentors around him, including a UK-based Google executive and James Evans, previously a senior manager with Deloitte in the UK and now based in Singapore leading the Asia customer success team for one of the worlds largest software companies.
Four of the eight mentors that Rakshit unveiled to Techworld have also worked for Deloitte at some point in their life.
It's understood that the network is providing Rakshit with business advice that could be fundamental if MysteryVibe is to take off.