iRobot Wants More Robots, Starts a Venture Capital Firm
If you are someone who keeps track of where technology is taking this world, you would have heard of iRobot. They are probably the largest consumer robotics company that we have these days. Not just that, they are into making pretty interesting things like Roomba.
However, in the time when they are not scheming and planning how to help robots take over the world and initiate a robotic apocalypse, they are launching things like venture capital companies of their own. Or rather, a venture capital company of their own for now.
iRobot isn’t new to the venture capital investments scene. They have been at it for a while now but decided that the thing should be given formal colors now. For instance, their first step in the field was a deal they entered into with Paracosm which is a cloud based application that models of scanned places. It raised $3.7 million in funding.
The chief executive officer of iRobot, Colin Angle says that they didn’t want to miss out on the tons of things that were happening in their related industry and so they have decided to become a part of whatever they can through the venture capital firm:
There’s a lot going on in the robotics space and really the best way to understand it is to participate in it. By establishing the venture fund we’re able to go out and get to know emerging companies that are building robots and robot-related technologies and get involved in these companies.
People who are in touch with the industry will know that the West Coast is filled with startups that are depending on venture capitalists. This is why Angle is also looking for a West Coast based professional to lead their project.
So how much are they planning to invest? Well, lets just say that they have set aside some piles of millions. The plan includes investing in Series A companies for seed. In total they could be investing in five to ten startups every year with the investment amounts ranging from $100,000 to $2 million!
In the recent months, investments in their field have been increasing regularly, for instance only 28 companies raised around $200 million in the third quarter of last year.
If this is the pace at which things are going, I am sure iRobot is going to make it easy for other companies to bring in tons of robotics related consumer products and more into the market. Don’t you think?
Being the Managing Editor of TechFrag, Sarmad splits his time between keeping up with latest news, technology, gaming and other awesome things like unearthing the merits of staying up at night and Californication!