Reach Robotics Raises $7.5 Million for Augmented Reality Robots
Reach Robotics, a Bristol-based startup that specializes in creating augmented reality robots, has secured $7.5 million in Series A funding. The funding round was co-led by Korea Investment Partners (KiP) and IGlobe. The company plans to use this funding to expand into the US market and further develop its flagship product, MekaMon.
MekaMon is a four-legged, crab-like robot that uses augmented reality to create interactive experiences. The robot was first launched last fall and has since sold over 500 units. The company believes that MekaMon can be a platform for a variety of applications, beyond just being a toy.
Reach Robotics CEO Silas Adekunle says that the company is focused on building a platform, not just a line of toys. He compares the company’s vision to that of the PS4, rather than an expensive, single-use robot that eventually collects dust on a shelf.
The company plans to use the new funding to make strategic hires and increase brand recognition through marketing. Adekunle also sees potential for partnerships with the entertainment industry, where MekaMon’s realistic design could be utilized in film and television productions.
Reach Robotics’ ability to collect data from MekaMon’s use allows them to continuously improve their products. The company can track retention rates, analyze how people use their robots, and even identify potential issues like leg failure. They are committed to maintaining an interdisciplinary team, which has already been instrumental in shaping the way robots move in film franchises like Transformers.
