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Peripherals - Tuesday, July 12, 2005

iRobot - Profile

HQ: Burlington, MA

Founded: 2002

Management: The founders are all MIT computer science dorks. Colin Angle is co-founder & CEO. He designed the rovers for NASA that led to the Sojourner exploring Mars in 1997. Helen Grenier is co-founder and Chairman and Professor Rodney Brooks is co-founder and CTO - he continues to work at MIT.

Investors: In 2003, the company raised $13M led by Trident Capital with Acer Technology Ventures, Fenway Partners and First Albany Companies.

Business Model: The company successfully sells robots for both commercial and military applications. It has sold over $1M robotic vacuum cleaners - The Roomba - which costs about $280 and it recently unveiled a robotic mop. In 2005, the company won an $18M contract with the US Navy to deliver 150 robots from its latest product line - the iRobot PackBot used for disposal of explosives. And in 2004 it signed a $24M agreement with the US Army.

A Packbot Reporting for Duty

Competitors: Electrolux, BlackandDecker in consumer products.

Dirt: Hat-tip to VC Brad Feld for his recent post on iRobot where he expresses some regret that he didn't invest when he had the chance, but admits with understandable honesty that it would be very hard to pitch a robot vacuum company to his peers. It is extremely impressive that iRobot has won great sales in both the consumer and military markets. Every nerd has grown up dreaming about a robot world and these people have turned that dream into a real business.