CAMBRIDGE, MA -- (Marketwire) -- 09/08/09 -- Heartland Robotics, Inc. today announced it
has secured $7 million in Series A-1 funding, led by Charles River
Ventures. The new funding comes less than one year after the company,
which develops robots to increase productivity and efficiency in
manufacturing environments, closed Series A funding of $5 million from
Bezos Expeditions -- which also participated in the current round -- and
BrooksLab, LLC.
Rodney Brooks, Heartland Robotics' Founder, Chairman and Chief Technical
Officer, is also a co-Founder of iRobot Corporation (NASDAQ: IRBT) and the
former Director of the MIT Computer Science & Artificial Intelligence
Laboratory. Dr. Brooks founded Heartland Robotics in July 2008 with a
vision to reinvigorate American manufacturing: "Our robots will help
revitalize this important sector of the economy by offering efficiencies
and versatility where traditional industrial robotic solutions are cost
prohibitive or insufficiently flexible."
Patrick Sobalvarro, Heartland Robotics' President, spoke to the opportunity
the additional funding will bring to the development of the company's
products, "We're very pleased to have brought on a set of world-class,
experienced investors who bring strategic insight to the table. We're
looking forward to working with them as we develop our product, build the
company, and prepare to go to market."
Devdutt Yellurkar, a partner at lead investor Charles River Ventures, said,
"Heartland is on to a very big idea that has the potential to revolutionize
how we think about and approach manufacturing in the U.S. Rodney and his
team have unmatched expertise in robotics and are pioneering a new concept
that will make an enormous impact not just on the manufacturing industry
but our entire economy."