iRobot Secures Funding to Accelerate Global Adoption of Robots
Jun 2, 2003
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iRobot Corp., a provider of robotic technology, on Friday announced it has secured U.S. $13 million in financing. Trident Capital, a national venture capital firm focused on information technology investments and emerging technology, led the financing round, with additional funds from current investors Acer Technology Ventures, Fenway Partners, and First Albany Companies. Additionally, Peter Meekin, Trident Capital managing director, has joined iRobot's Board of Directors. iRobot plans to use the funds to expand production capacity for military robots and accelerate the company's drive for broad adoption of robotics technology. The company also plans to increase production of its award-winning Roomba(TM) Robotic FloorVac, the first robotic vacuum for the U.S. market, to meet the needs of an expanding distribution base. "iRobot is a visionary leader in the robotics market. The company's innovations span a wide spectrum of robotics technology -- from robots searching buildings in Iraq to vacuuming a living room in middle-America," said Peter Meekin of Trident Capital. "iRobot's strong executive team, combined with its highly experienced product development staff, ensures that the company is firmly positioned to lead the robotics technology market," he continued Colin Angle, chief executive officer of iRobot Corp., added: "We've experienced numerous successes in military and industrial markets, and we see a growing need for robotics technology in the consumer market. The success of Roomba validates our position that consumers are eager to embrace robots in their homes -- provided they are affordable, efficient and fill a need. "With this investment from Trident Capital and three of our current investors…we can continue to build on our success and introduce new, groundbreaking technologies to the market."

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