SOURCE: Heartland Robotics, Inc.
November 30, 2010 09:00 ET
Heartland Robotics Raises $20 Million in Series B Financing
Highland Capital Partners and Sigma Partners Join Charles River Ventures and Bezos Expeditions in Funding Company's Breakthrough Vision for Robots in Manufacturing
CAMBRIDGE, MA--(Marketwire - November 30, 2010) - Heartland Robotics, Inc. today announced it has raised $20 million in Series B financing, led by Highland Capital Partners. Sigma Partners joined Highland as a new investor and the Company's existing investors, Charles River Ventures and Bezos Expeditions, the personal investment company of Jeff Bezos, also participated in this financing. Paul Maeder, co-founder of Highland Capital Partners, will join the Company's board of directors.
Scott Eckert, the Company's President and Chief Executive Officer, said, "We are thrilled to welcome two world-class venture capital firms as investors and as business partners to help Heartland finalize product development and bring our innovative line of robots to market. Their experience and capabilities will be instrumental in helping the company to execute our vision."
Heartland Robotics was founded in 2008 by iRobot co-Founder and former Director of MIT's Computer Science and Artificial Intelligence Laboratory, Rodney Brooks, with the goal of introducing a new generation of robots to improve productivity in manufacturing environments. "Our robots will be intuitive to use, intelligent and highly flexible. They'll be easy to buy, train, and deploy and will be unbelievably inexpensive. Heartland Robotics will change the definition of how and where robots can be used, dramatically expanding the robot marketplace," explained Dr. Brooks.
Paul Maeder, General Partner at Highland Capital Partners, said, "Heartland's vision for improving the competitiveness of American manufacturing through innovative robotic technology is compelling for manufacturers and important for America. I am excited to join the company's board of directors and help the team to achieve that vision."
About the Company
Heartland Robotics, Inc. is developing a revolutionary new generation of intelligent robots to increase productivity and efficiency in manufacturing environments. Introducing robots into places that have not been automated before will make manufacturers more efficient, their workers more productive, and keep jobs from migrating to low-cost regions. Based in Cambridge, Massachusetts, the company is funded by Highland Capital Partners, Sigma Partners, Charles River Ventures, and Bezos Expeditions, the personal investment company of Jeff Bezos.
About Highland Capital Partners
Highland Capital Partners was founded with the mission of helping great people build great companies. Since its inception in 1988, the firm has taken a sector-focused approach to investing in exceptional communications, consumer, digital media, healthcare and information technology companies. With over $3 billion of committed capital and offices in Boston, Silicon Valley, Geneva and Shanghai, Highland has invested in and worked to create such firms as Ask Jeeves, Avid Technology, CheckFree, Conor Medsystems, Coremetrics, lululemon athletica, Lycos, MapQuest, Navic Networks, Ocular Networks, Odyssey Healthcare, P.A. Semi, Quattro Wireless, Quigo, Starent Networks, Sybase, Telica and VistaPrint. For more information, visit Highland's web site at www.hcp.com.