US-based consumer robotics manufacturer iRobot has launched a corporate venturing arm, technology finance news source TechCrunch reported yesterday.
The unit has not yet been given a name and iRobot is currently seeking an experienced investor based on the west coast of the US to head up the fund.
The company has however made its first venture capital investment, contributing to a $3.3m seed round closed by US-based 3D reconstruction software developer Paracosm in November.
Investments by the fund will be sized between $100,000 and $2m, with a median of $200,000, and will take place at seed and series A stage, iRobot CEO Colin Angle told TechCrunch. It will aim to make five to 10 investments per year.
Angle said: “There’s a lot going on in the robotics space and really the best way to understand it is to participate in it.
“By establishing the venture fund we’re able to go out and get to know emerging companies that are building robots and robot-related technologies and get involved in these companies.”
Founded in 1990, iRobot is best known for the Roomba, a household robot that automatically cleans floors. It intends to target startups developing technology for consumer use and elderly care, as well as connected technology such as cloud computing or navigation.