Bengaluru: Massachusetts-based robotics firm, Jibo, Inc. raises $11 million in Series A funding round from investors of various countries that include Acer (Taiwan), Dentsu (Japan), KDDI (Japan), LG Uplus (Korea) and NetPosa (China). The company plans to accelerate its business operations, enhance its product offerings and improve its marketing strategies using the newly raised capital. Prior to this, the company had raised $25.3 million in Series A funding round led by RRE Ventures and $2.4 million through product crowdfunding in January 2015 and October 2014 respectively.
Speaking about the new fundraising, Steve Chambers, CEO, Jibo, says, “This round of strategic investment, centered in the target markets of Taiwan, Japan, Korea and China, will be a cornerstone of Jibo’s further expansion into international markets. We believe these investments in Jibo highlight the appeal of consumer social robots and of Jibo himself, in the growing Asia-Pacific market”.
Social Robotics pioneer, Cynthia Breazeal founded Jibo, Inc. in 2012. The company has developed Jibo, the world’s first Social Robot for home. It connects the family members with each other and improves family communication. It also assists the family members in activities like managing their busy lives and providing entertainment and companionship.