Neato Robotics Inc. Raises $12.2 Million
Newest round of financing for robot vacuum cleaners and household chores
Neato revealed the bare bones of its venture round in early April via a regulatory filing, but gave full details today in a press release. The Newark company makes automatic vacuum cleaners and is working on other devices for household chores.
Vorwerk Direct Selling Ventures GMBH and Noventi Ventures of Menlo Park gave money in this round. Neato, led by CEO Warren Flick since last May, will spend the money on new products as well as on marketing and expanding its operations.
The idea for Neato’s first product won a competition at Stanford University’s business school. Neato was started in 2004. Investor Vorwerk developed a product with Neato that is sold in Germany, Italy, Austria and the Czech Republic. Vorwerk is based in Wuppertal, Germany, near Dusseldorf.
Giacomo Marini, who helped start Logitech Inc., is Neato’s executive chairman.
Last fall, Neato did a deal with Target Corp. (NYSE: TGT) to sell its automatic vacuum cleaner in stores inthe United States.
Its products are also sold at Lowe’s (NYSE: LOW), Fry’s Electronics Inc., Sears (NASDAQ: SHLD) and viaAmazon.com Inc. (NASDAQ: AMZN).