iRobot Funding

iRobot received $13 million in funding.

The company said it plans to use its money to increase production of military robots, which are used for things like reconnaissance and bomb disposal. iRobot will also ramp up production of its Roomba commercial vacuum cleaner, which has recently expanded distribution to Minneapolis-based discount retailer Target Corp.

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iRobot is profitable, Clear said, and took in between $10 million to $20 million in revenue in its 2002 fiscal year.

For 2003, the company is on track to reach between $30 and $50 million in revenue, he said.

Posted by jjwiseman at June 06, 2003 10:35 AM