Originally published November 8 2005
iRobot's successes bringing venture capitalists into the robotics industry
by Mike Adams, the Health Ranger, NaturalNews Editor
The recent commercialization of robot technology, led by iRobot and Zoom Systems, is attracting opportunities for venture funding.
Venture capitalists tend to be fairly conservative people -- despite their reputation for risk taking.
Consequently, few robot-makers have received venture funding.
In fact, it's possible that many VCs put robot business models on a par with time travel and jet-pack transportation.
With the announcement of a $115 million IPO by Burlington, MA-based iRobot, though, companies commercializing robot technology are beginning to attract VC attention.
On his blog Feld Thoughts, venture capitalist Brad Feld admits to such hindsight: "iRobot will go down in my history as one of those companies I was too stupid to invest in...Robotic Vacuum Cleaner?
The company has shipped more than 1.2 million Roomba robotic vacuum cleaners, each retailing for $150-275.
To top off its already-booming sales, the company will be launching a large "I love Robots" ad campaign.
Another robot company, Zoom Systems, raised $12 million in September, in a funding round led by NeoCarta Ventures.
The company makes and operates robotic kiosks often located in hotels and airports, which function as automated convenience stores.
In health care, venture-backed robotics startup InTouch Technology recently raised $12.1 million in a Series C round led by Galen Partners.
To offset a growing nursing shortage, the company is also developing 1.6-meter-tall robots that help nurses provide care to several patients at a time.
On October 8, five autonomous vehicles crossed the finish line in the second annual DARPA Grand Challenge, sponsored by the Pentagon's Defense Advanced Research Projects Agency.
The robot trucks, built by 23 teams from academia and industry, competed over a 176-kilometer course in the Mojave Desert, with a team from Stanford University taking the $2 million prize.
Meanwhile, 10,000 human beings gathered on October 6-9 in San Jose, CA, for the RoboNexus convention.
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