Bristol-based Reach Robotics closes $7.5m Series A
Bristol-based Reach Robotics has raised a $7.5m (£5.7m) Series A co-led by Korea Investment Partners (KiP) and existing investor IGlobe.
The firm, which specialises in robotics, AR and mobile gaming, also drew investment from NCSOFT, Kin Yat, London Venture Partners, Passion Capital, Qualcomm Ventures and Hardware Club.
Reach Robotics was founded in 2013 by Silas Adekunle (CEO), Chris Beck (CTO) and John Rees (COO). Its first product, a battlebot called MekaMon, leverages AR and can be controlled via a smartphone app.
Adekunle commented: “To date we’ve executed on our vision for MekaMon as a product with a small and amazing team; this financing round will help us move to the next exciting chapter of our company and execute our go-to-market strategy, strengthen our team and capitalise on some of the amazing partnerships that are developing around the globe. We are now looking for the very best talent across lots of disciplines to join our team and help us achieve our vision.”
Soo Boon Koh, founder and managing partner of iGlobe, said the firm represented an exciting investment.
“Mekamon is a sensational product at the crossroads of AR, robotics and gaming sectors; a burgeoning market fuelled by strong demand for immersive play from a new class of consumers.
“The company is founded by a passionate, nimble and talented founding team with strong technical expertise in the robotic and gaming area. We are confident that this round of new capital injection can propel Reach Robotics towards making MekaMon a global household brand in its market sector,” he added.
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