iRobot Co-founder Launches New Home Robot Startup, Seeking $30M

Colin Angle's New Robotics Venture

Colin Angle, a co-founder of iRobot – the company behind the Roomba – is currently securing funding for a new venture focused on home robotics.

Funding and Company Details

A recent filing with the U.S. Securities and Exchange Commission indicates that Angle’s new company, Familiar Machines & Magic, is seeking to raise $30 million in capital. To date, $15 million has been secured through investments from eight different parties.

While the Form D filing does not disclose the identities of the investors, Data Point Capital lists Familiar Machines as part of its investment portfolio on its official website.

Company Focus and Team

Familiar Machines currently possesses a registered domain name and a trademark application, though a fully operational website is not yet available. Attempts to reach Angle for comment through LinkedIn have been unsuccessful.

In a recent interview with The Boston Globe, Angle revealed that Familiar Machines, headquartered in Boston with planned expansion to Los Angeles, will concentrate on developing a novel type of home robot geared towards health and wellness applications.

The co-founding team includes Chris Jones, formerly the CTO of iRobot, and Ira Renfrew, an iRobot alumnus who also played a key role in the development of Amazon’s Scout delivery robot, which was later discontinued.

Potential Applications and Hiring

According to information shared with The Globe by an investor, Familiar Machines is investigating the potential of robots as companions, potentially including AI-driven “furry pets.” The company is actively recruiting AI researchers and software engineers, among other positions.

A job posting on LinkedIn states that Familiar Machines is “pioneering an exciting new category of home robot in the health and wellness space with a significant focus on human-robot interaction.” The posting further emphasizes that “Embodied and agentic AI are central to our product vision.”

Background and iRobot Transition

Angle’s departure from iRobot occurred in January, following the collapse of Amazon’s proposed acquisition due to objections from EU antitrust regulators. This led to iRobot implementing workforce reductions, impacting 31% of its employees, and appointing Gary Cohen, a former Procter & Gamble general manager, as its new CEO.

Angle’s prior experience in home robotics extends back to the early 2000s, when iRobot developed a prototype home companion robot known as Grommet.

Challenges in the Home Robotics Market

The home robotics market has historically presented significant challenges for companies attempting to gain traction.

Mayfield Robotics, supported by Bosch, ceased production of its Kuri robot companion in 2018, citing an uncertain future. The same year saw the closure of Jibo, a creator of tabletop robots. Anki, the company behind the popular Cozmo robot, shut down in 2019, and Moxie, specializing in AI-powered robots for children, recently ceased operations.

Continued Interest from Tech Giants

Despite these failures, major technology companies remain interested in the potential of home robotics. Amazon continues to refine its Astro home robot, and reports indicate that Apple is also exploring opportunities in this field.

Market Outlook

According to a report by Markets and Markets, the household robot segment is projected to reach a value of $24.5 billion by 2028. Furthermore, approximately 1,500 robotics startups have collectively raised around $90 billion since 2019, as per data from F-Prime, the venture capital arm of Fidelity Investments.