US-based connected toy company Sphero raised $45m yesterday in a series E round led by Mercato Partners that also featured strategic investors including a subsidiary of entertainment producer The Walt Disney Company.
Founded in 2010 as Orbotix, Sphero is developing toys that merge robotics and software technology. Its first two products are rapidly moving toys that can be remote controlled using a smartphone.
The money will be used to accelerate the development of additional products and expand its team. Growth equity fund Mercato will also look to provide Sphero with sales expertise in the reseller and retail channels.
Sphero has now raised about $80m in overall funding from investors also including Highway 12 Ventures, Foundry Group, Grishin Robotics, SK Ventures and Shea Ventures.
The company also took part in the 2014 Disney Accelerator, powered by Techstars, which gave it access to Disney executives.
Paul Berberian, CEO of Sphero, said: “There is a perfect storm brewing in the toy industry and our emerging technology will forever transform the way people play. This recent infusion of capital will allow us to grow the team and accelerate the development of the next generation of robotic entertainment.”