Bangalore: Andy Rubin’s new venture, Playground Global raises $48 million from the investors including Google, Tencent Holdings, HP, China’s electronics manufacturer Hon Hai Precision Industry Co. (known as Foxconn) and Redpoint Ventures.
After working with Google for nine years, the Android Co-Creator Andy Rubin started this incubator for hardware-focused companies. According to the regulatory filing, Playground Global is a venture capital fund that unlike most incubators won’t provide any fund to startups. Instead, they will offer guidance and inroads in manufacturing to the young companies in exchange for equity. Hon Hai Precision Industry Co will assist startups manufacture products and will have engineers & product experts on hand to help Playground participants. Hewlett-Packard will aid with global distribution, while Redpoint Venture will offer financing advice, and Tencent, Google and Seagate Technology will provide cloud services.
According to the SEC filing, Andy Rubin is the managing director of the Playground Global and the organization’s board of director includes former Microsoft executive Peter Barrett, ex-Googler Matt Hershenson and co-founder of WebTV, Bruce Leak.
On the other hand, Redpoint Ventures announced that Rubin will be joining their firm as a partner. Rubin incubated the idea that became Android for the first time in Redpoint Venture.