Colin Angle, co-founder of the renowned Roomba vacuum manufacturer iRobot, is raising funds for his new home robotics startup, Familiar Machines. According to documents filed with the U.S. Securities and Exchange Commission, Familiar Machines is working to raise $30 million and has already secured $15 million from eight investors.
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The document, known as Form D, does not specify the names of the supporting investors, but according to the official website of Data Point Capital, Familiar Machines has been listed as one of the venture capital firm's portfolio companies. The company currently holds a domain name and has filed for trademark registration but has yet to launch a functional website. Angle did not respond to requests for comments on this matter via LinkedIn.
In a recent interview with the Boston Globe, Angle stated that Familiar Machines is headquartered in Boston and plans to establish an office in Los Angeles, primarily focusing on developing a new type of home robot centered on health and wellness. In addition to Angle, the company's co-founders include former iRobot Chief Technology Officer Chris Jones and iRobot veteran Ira Renfrew, who was involved in the development of Amazon's discontinued Scout delivery robot.
According to the Boston Globe, Familiar Machines is exploring the possibility of robots as companions, which may include AI-driven "furry pets." The company is hiring for various positions, including AI researchers and software engineers.
Familiar Machines' job postings on LinkedIn mention: "We are pioneering a new category of home robots in the health and wellness space, focusing on human-robot interaction." This reflects a vision for products that embody embodied and autonomous AI.
Angle resigned from iRobot in January, as Amazon's acquisition plan for the company fell through due to opposition from EU antitrust regulators. iRobot was forced to lay off 31% of its workforce, and former Procter & Gamble general manager Gary Cohen was appointed as the new CEO.
Despite the fiercely competitive nature of the home robotics market, Angle remains undeterred. As early as the early 2000s, iRobot developed a home companion robot called Grommet.
However, the home robotics market has not been without its challenges. In 2018, Mayfield Robotics, backed by Bosch, ceased production of the Kuri companion robot, and that same year, desktop robot manufacturer Jibo also shut down operations. Anki closed its popular robot Cozmo in 2019, and Moxie abruptly ceased operations last week.
Despite these failures, tech giants continue to explore the market. Amazon continues to seek a market fit for its Astro home robot, while Apple is rumored to be venturing into some form of home robotics.
According to forecasts from market research firm Markets and Markets, the home robotics market could be worth $24.5 billion by 2028. Since 2019, around 1,500 robotics startups have raised approximately $90 billion in funding.
Key Points:
🌟 Colin Angle's company Familiar Machines is raising $30 million and has secured $15 million in funding.
🤖 The new company focuses on developing home robots in the health and wellness sector, potentially including AI-driven pet robots.
📈 The outlook for the home robotics market is optimistic, expected to reach $24.5 billion by 2028.
