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Dealipedia - Evolution Robotics Inc receives an investment from CMEA Ventures...

Evolution Robotics Inc receives a $13.88 million investment

Deal Participants:
Company: Evolution Robotics Inc View Profile Charts Homepage
Investors: CMEA Ventures View Profile Add Homepage   Google Search
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Idealab View Profile Charts Homepage
Quercus Trust View Profile Charts Homepage
Deal Financials:
Investment Amount: $ 13.88 million
Series: B
Date:
Announced: Nov 10, 2008

PRESS RELEASE - Evolution Robotics Inc receives a $13.88 million investment

Evolution Robotics Inc., a leading robotics technology company, announced today that the company has raised $13.88 million in new venture funding. The series B round of financing was lead by CMEA Ventures, based in San Francisco, CA, with additional participation from Vodafone Ventures, founding investor Idealab of Pasadena, CA, and Quercus Trust. Evolution Robotics develops state-of-the-art robotics solutions and partners with original equipment manufacturers to integrate those technologies into new and more intelligent products. The new funds will be used for company operations and to further the company’s product development initiatives. Faysal Sohail, managing partner of CMEA Ventures, will also join the company’s board of directors.

“Now is definitely the time to invest in robotics,” said Faysal Sohail, managing director, CMEA Ventures. “Several key technologies, like navigation systems, networks, cameras, image recognition, and sensors have finally matured to the point where they are both affordable and advanced enough to enable the next stage of robotic functionality. Robots aren’t just the future. They are here today.”

The projected growth for all types of consumer-related robots (domestic and leisure robots) could reach some 12.1 million units by 2011, possibly overtaking industrial robotics and gaining a dominant share of the estimated $59 billion robotics market, according to a 2008 report from the United Nations Economic Commission for Europe World Robotics.

Evolution Robotics’ products and services are used by over 100 organizations and companies worldwide in both commercial and consumer applications. Its core technologies of visual pattern recognition and autonomous navigation are accelerating the creation of robotic and intelligent devices. Sony Corporation’s Entertainment Robot Company was the first to integrate Evolution Robotics’ technology into a commercial product, the Sony AIBO robotic dog. Today, Evolution Robotics provides key components for consumer robots that can self-navigate and communicate with users online, like WowWee’s Rovio and Bandai’s NetTansor. Research institutions and universities, like NASA, MIT, Carnegie-Mellon, ITRI of Taiwan, KITECH of South Korea, USC, and UCLA utilize the company’s technologies for their own R&D efforts, as well as for instructional use.

“Whether it’s visual recognition technologies in our camera phones or autonomous navigation for our vacuum cleaners, more and more robotic applications are being embedded in everyday products and are becoming integral parts of our daily lives,” said Bill Gross, Chairman and CEO of Idealab. “Evolution Robotics has been at the forefront in developing these advanced applications and technologies, which will continue to be driving factors in the development of the world’s next-generation of intelligent consumer products.”

“Evolution Robotics has made great strides in our efforts to develop smart, cost-effective technology solutions and has worked closely with some of the world’s leading brands to identify and bring to life compelling product ideas,” said Dr. Paolo Pirjanian, CEO of Evolution Robotics. “We’re pleased to have the backing of such respected investment partners and continue to focus on our development efforts while building lasting partnerships as we grow the company to profitably.”

About Evolution Robotics

Evolution Robotics, Inc. is based in Pasadena, CA, and partners with brand leaders to make their products smarter by providing solutions for vision, autonomous navigation and intelligence. From toys to cell phones and vacuum cleaners to unmanned aerial vehicles (UAV’s) the company has over 5 million products on the market through partners such as Sony, Bandai, Sharper Image and AU Phones from KDDI in Japan. Evolution Robotics is an operating company of Idealab, a creator and operator of technology businesses. www.evolution.com

About CMEA Ventures

CMEA Ventures is a venture capital firm focused on energy and materials, high technology, and life sciences investments. CMEA believes that the most successful venture backed companies are science focused and have experienced teams intent on winning. As a result, CMEA’s portfolio companies typically have cutting edge, highly differentiated, and often multidisciplinary technology at their core, with founding teams of the highest caliber.

CMEA invests in both early and late stage ventures, and has a strong network of corporate, investment, and entrepreneurial relationships that it leverages on behalf of its portfolio companies. The firm currently manages six funds representing investments in excess of $1 billion. CMEA has been an early stage investor in many leading Silicon Valley high technology companies, including Entropic (ENTR), Flextronics (FLEX), Magma (LAVA), Maxygen (MAXY), Monogram Biosciences (MGRM), Silicon Spice (BRCM), Symyx (SMMX), and Syrrx (purchased by Takeda.)

About Vodafone Ventures

Vodafone Ventures Ltd. is the strategic venture arm of the Vodafone Group of companies that together form the world’s leading international mobile communications group with equity interests in 27 countries across five continents and over 40 partner networks worldwide. Vodafone Ventures makes investments in technology companies in support of Vodafone’s strategic interests. For more information see www.vodafone.com.

About Idealab

Idealab’s mission is to create and operate pioneering technology companies. Founded in 1996 by entrepreneur Bill Gross, Idealab provides a broad range of operational support to its companies, allowing the operating company management teams to focus on getting to market quickly and cost effectively and to take advantage of the serial start-up experience of the Idealab team. Bill Gross and Idealab have founded companies such as eSolar, Inc., Energy Innovations, Overture Services, Inc., CitySearch, Picasa and Internet Brands. Current operating companies are providing innovative technology solutions in industries such as software, search, robotics, 3D printing and alternative energy fields. Additional information may be found at www.idealab.com.

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