Monday, August 18, 2008

Segway pockets $5M in fourth-round funding

By Mass High Tech Staff

Segway Inc. has landed a $5 million of Series D venture funding, according to published reports.

The website PEHub is reporting the company has filed plans with the U.S. Securities and Exchange Commission to raise a total of $14 million in the Series D round. The Bedford, N.H.-based company has raised $171 million in three rounds of funding so far. Previous investors include Credit Suisse Private Equity, Kleiner Perkins Caufield & Byers, DAG Ventures and Masdar.

Earlier this year, the Glendale, Ariz., Police Department used Segway Personal Transporters to patrol the walkways, parking lots and exhibition areas around the University of Phoenix Stadium, as well as at other NFL-sponsored events throughout the city during the days leading up to Super Bowl XLII on Feb. 3. The Glendale Fire Department and stadium security officers at University of Phoenix Stadium  also used Segway transporters during Super Bowl week. No financial details of any deal with the departments were released.

In 2006, reports the city of Chicago awarded the company a five-year, $580,000 contract to purchase Segway HTs and associated accessories, replacement parts and service.

Segway was founded by N.H.-based inventor Dean Kamen, who developed the device and its ‘SmartMotion’ balancing and control technology.