littleBits Raises $3.65 Million In Series A
littleBits is a New York based startup company that makes electronic toys that are similar to Legos. The company has just raised $3.65 million in Series A funding in a round led by True Ventures. Khosla Ventures, O’Reilly AlphaTech Ventures and Lerer Ventures participated in this round of funding. Joi Ito, Nicholas Negroponte and Joanne Wilson were seed investors in the company.
littleBits was founded by Ayah Bdeir. Every littleBits block has a unique function like a light, switch, motor, or sound. They also have magnetic ends so they stick together to complete a circuit. If you stick together a light block and a switch block, a night light is created. If you connect a light block and a sound block, you will create a flashing siren.
“I wanted to help people use electronics in a creative way,” said Bdeir in an interview with BusinessInsider. “They shouldn’t be ugly. littleBits shows people how to use electronics to make designs, art, and learn about technology.”
Bdier announced that littleBits could be purchased from her website on December 19th. Within 2 weeks, she sold 2,000 products. She has received interest from many major toy companies since then, but she did not have the capacity to produce the amounts of littleBits that are required by the toy companies.
Now littleBits has a partnership with supply chain company PCH, who will deliver her toys. littleBIts currently has 8 employees. Check out a demo video of the company below:This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry