Robotics Based Toy Maker Sphero Raises $12 Million

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Sphero

Robotics toymaker company Sphero has finally a good news in their kitty as the Colorado-based firm has announced that it has raised $12 million in funding from unnamed investors. Notably, the firm had recently laid off around a dozen of its employees. When the freshly raised capital added, the total money raised by the firm goes to around $19 million.

Sphero LogoThe company plans to utilize the fresh funding in making themselves an education-first toy builder company. Notably, the firm has set a target of $20 million in funding in this round. Nick Delyani, the senior director of marketing at Sphero said, "The recent round of funding has currently raised $12 million, and we anticipate at the time of final closing up to $20 million may be raised in total." As per details, the firm is looking to raise the amount through equity funding.

The firm in a statement said that they now aim to create something which will be on the lines of learning while you play. “Funding has/will come from existing and new investors and will be used for working capital as we engage in a larger strategy that focuses on the intersection of play and learning,” it said in a statement to Techcrunch.

Sphero Founders

Adam Wilson and Ian Bernstein had founded the company in 2010 which got a lot of accolades when it made products for Disney which included "Star Wars" franchise toys. With the deal, Sphero started creating more superhero toys based on Pixar and Marvel.

The firm feels that they can own the industry on their own. They had said the above statement after the layoff in the month of January came to light. “[Education] is something we can actually own. Where we do well are those experiences we can 100 percent own, from inception to go-to-market,” Techcrunch had reported.

 

Image Courtesy : Sphero,BoulderDailyCamera

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