Monday, July 23, 2012

Modular Robotics Raises $3M

Boulder has yet another venture-funded, robotics firm today -- Modular Robotics, thanks to an investment from Boulder's Foundry Group this morning. Modular Robotics, which develops programmable robotics aimed at letting young kids create their own robotics, has raised $3M in a financing round, Foundry said today. The new company has already released their first product, called Cubelets, which combines modular blocks with sensors and logic so that anyone create their own robots. ModRobotics is headed by Eric Schweikardt, and has previously been funded by Small Business Innovation Research (SBIR) grants. Schweikardt is from Carnegie Mellon University--known for its robotics program and research--and according to Foundry had quietly been buildling his firm in Boulder, with no interest in venture capital, and only got involved from a Meetup group founded by fellow Boulder robotics firm Orbotix.