Reach Robotics lands $7.5m Series A investment
Bristol-based robotics and augmented reality company to make key hires and embark on next stage of growth
Reach Robotics, a robotics, augmented reality (AR) and gaming company, has closed $7.5m in Series A investment, led by Korea Investment Partners (KiP) and existing investor IGlobe, and advised by law firm TLT.
NCSOFT, Kin Yat, London Venture Partners, Passion Capital, Qualcomm Ventures and Hardware Club also participated in the funding round.
Founded in 2013 by Silas Adekunle Chris Beck and John Rees, Bristol-based Reach Robotics develops battle robots with augmented reality capabilities that can be controlled using a smartphone.
Its MekaMon gaming robot uses AR to teach people to code and offers single or multiplayer gaming options. The player can customise their robot to “match their combat style”.
The finance will be used to fuel the company’s next stage of growth and to make new hires.
Reach Robotics was one of a number of UK robotics start-ups to take part in a week-long trade mission to Silicon Valley in summer 2014. Adekunle spoke to Startups.co.uk about the experience, where he was invited to pitch to potential investors and network with potential partners.
Adekunle commented: “TLT has been an indispensable source of support for Reach Robotics' growth. They handled our Series A fund raising with professional care and helped to close the deal within budget. We are very much looking forward to working with them again in the near future.”
Jon Gill, partner and head of private equity at TLT, said: “Reach Robotics is a great example of the cutting-edge technology that is being developed in the Bristol and Bath cluster and achieving global recognition and growth, particularly in the robotics sector. We wish Adekunle and his team every success as they scale the business further and look forward to supporting them on this journey.”