New York-based LittleBits Electronics, a company aiming to democratize hardware, has raised $44.2 million in series B round led by DFJ Growth. Other investors Morgan Stanley, Alternative Investment Partners, Grishin Robotics and Wamda Capital also participated in the round, along with earlier backers Foundry Group, True Ventures, VegasTechFund, Two Sigma Ventures and Khosla Ventures. As part of the deal, Barry Schuler, MD, DFJ Growth is joining the company’s board of directors.
The company had secured $15.6 million from investors over four previous rounds. The latest round brings its total capital to date is $59.8 million. As per TechCrunch report, the raised funding will be used to support a number of new growth areas for the company.
Founded in 2011 by Ayah Bdeir, LittleBits is a maker of electronic components that children and designers can snap together to create everything from toy robots to light weight industrial products.
In November 2014, the firm launched a Smart Home Kit for $249 that allows people to build solutions such as retrofitted curtains to open at sunrise, remote feeders that respond to quirky pets, and more. Its Pro Library kit with 304 modules is optimal for schools, libraries, design agencies, or anyone looking to create and prototype inventions with its electronic building blocks.
It plans to make a bigger push into companies like Salesforce, SAP and Twilio that have begun using its small, open-source components for their internal creativity workshops and to prototype new products. The company’s revenue has grown three to four times annually since its inception, and that it has sold “millions of units over a hundred countries.”