Playground, a newly formed US-based hardware accelerator focused on cloud-based technology, has raised $48m in series A funding from investors including internet company Google, the Wall Street Journal reported on Monday.
Computing firm Hewlett Packard (HP), contract manufacturer Hon Hai Precision Industry, which trades as Foxconn, computer storage manufacturer Seagate Technology, internet portal Tencent, and venture capital firm Redpoint Ventures also participated in the round.
Playground, launched in November 3014 by Andy Rubin, will not invest in startups, opting instead to take an equity stake in return for its assistance with distribution, manufacturing, financing and integration of cloud-based technology.
The accelerator approached investors that would provide additional value for startups, and as such Hon Hai will provide manufacturing services. HP on the other hand will enable global distribution, while Google, Tencent and Seagate will assist with cloud-related services.
Redpoint will advise startups on funding, though startups will be free to decline to work with any of the investors should they so wish.
– Photo of Andy Rubin courtesy of Joi Ito under Creative Commons – Attribution license