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iRobot co-founder's new home robot startup hopes to raise $30M | TechCrunch

Dec 16, 2024 - techcrunch.com
Colin Angle, co-founder of iRobot, is raising funds for a new home robotics venture called Familiar Machines & Magic, aiming to develop robots focused on health and wellness. The company, based in Boston with plans for a Los Angeles presence, has raised $15 million of its $30 million goal from eight investors. Familiar Machines is exploring companion robots, potentially including AI-powered "furry pets," and is hiring AI researchers and software engineers. The venture is backed by Data Point Capital and includes co-founders Chris Jones and Ira Renfrew, both former iRobot executives.

Despite past challenges in the home robotics market, with companies like Mayfield Robotics, Jibo, Anki, and Moxie shutting down, the sector remains promising. The household robot market could reach $24.5 billion by 2028, and around 1,500 robotics startups have raised approximately $90 billion since 2019. Major tech companies like Amazon and Apple continue to explore home robotics. Colin Angle's new venture comes after stepping down from iRobot following Amazon's failed acquisition due to EU antitrust opposition.

Key takeaways:

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  • Colin Angle, co-founder of iRobot, is raising funds for a new home robotics venture called Familiar Machines & Magic, aiming to raise $30 million.
  • Familiar Machines, based in Boston, plans to develop home robots focused on health and wellness, exploring AI-powered companion robots.
  • The home robotics market has seen several failures, but the potential market value is projected to reach $24.5 billion by 2028.
  • Despite past challenges, major tech companies like Amazon and Apple continue to explore opportunities in the home robotics sector.
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