In a significant move within the home robotics industry, Colin Angle, a co-founder of Roomba maker iRobot, is actively engaged in raising cash for his new home robotics venture. A filing with the U.S. Securities and Exchange Commission has shed light on this endeavor. Angle's new company, Familiar Machines & Magic, is aiming to secure $30 million, and so far, it has managed to raise $15 million from a group of eight investors. However, the filing, known as a Form D, does not disclose the names of the backers. Data Point Capital has listed Familiar Machines on its website as one of its portfolio companies.
Company's Initial Setup and Team
Familiar Machines has a domain name and a trademark application but is yet to launch a functional website. Angle, who stepped down from iRobot in January following the collapse of Amazon's acquisition bid due to EU antitrust regulator opposition and subsequent staff layoffs, is at the helm of this new venture. Alongside him, the co-founders include former iRobot CTO Chris Jones and iRobot alumnus Ira Renfrew. Renfrew, notably, was also involved in creating Amazon's now-defunct Scout delivery bot.In a recent interview with The Boston Globe, Angle revealed that Familiar Machines, based in Boston with plans to expand to Los Angeles, will be developing a new type of home robot centered around health and wellness. This focus on human-robot interaction is at the core of their product vision, as stated in a Familiar Machines job description on LinkedIn.
Exploring New Frontiers in Home Robotics
According to The Globe, citing an investor, Familiar Machines is venturing into uncharted territory by exploring robots as companions. This potentially includes AI-powered "furry pets," indicating a unique approach in the home robotics space. The company is actively recruiting AI researchers and software engineers, among other roles, to fuel its growth and innovation.Angle's foray into home robots is not new. In the early 2000s, iRobot created a prototype home companion robot called Grommet, as reported by The Globe. This shows his continued interest and expertise in the field.
The Tough Landscape of the Home Robotics Market
The home robotics market has proven to be a challenging one. In 2018, Bosch-backed Mayfield Robotics had to cease production of its Kuri robot companion due to uncertainties about its future. Similarly, tabletop robot creator Jibo wound down its operations that year. Anki, the company behind the popular robot Cozmo, shut down in 2019, and Moxie, which made an AI-powered robot for kids, abruptly closed its doors last week.Despite these failures, tech titans like Amazon continue to pursue home robotics. Amazon is still trying to find a suitable place for its Astro home robot, and Apple is reportedly working on home robotics in some form. Markets and Markets predict that the segment for household robots could be worth $24.5 billion by 2028. Since 2019, about 1,500 robotics startups have raised approximately $90 billion, as per F-Prime, the venture capital arm of Fidelity Investments.
