Robotic toy maker Orbotix is raising $15.5 million in its fourth financing round with Shea Ventures as the lead investor. Foundry Group and Grishin Robotics also participated in the funding. The company's valuation was not disclosed, according to VentureBeat.
Chief marketing officer Kelly Zachos said: "This is our opportunity to introduce an entire family of connected play toys. The sweet spot of where we landed is in creating this new category of connected play. We're adding these gaming elements to physical toys ... [and] we're harnessing the full power of play, the full power of toys."
The robotics firm will use the new capital to fund its global expansion and beef up its mass marketing campaign for its connected toys. Orbotix currently has presence in 80 countries with retail stores across 70, the report detailed.
Based in Boulder, Colorado, Orbotics is a product of TechStars and creates robot toys controlled by smartphones. Ian Bernstein and Adam Wilson co-founded the firm in 2010, VentureBeat reported.
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