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Friday, July 24, 2009
Stealthy North End Technologies gets $1.2M in bridge funding
By Mass High Tech Staff
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Robotics and communications startup North End Technologies Inc. has taken on board $1.2 million in funding to help the company reach its next stage of investment, a planned $8 million Series B round.
North End CEO Brad Kayton said that the new financing was a convertible bridge loan that included participation from all of the investors in its $8 million Series A round in June of last year. The new money will be used for general corporate purposes, Kayton said.
Landing a Series B “will allow us to bring a product to market,” Kayton said. What that product is has been a subject of much speculation, and Kayton would not reveal any details other than to say “we are in an alpha stage.”
Castile Ventures of Waltham is the only institutional investor, Kayton said, with the rest of the funding coming from angels and company executives. North End was founded by ex-iRobot executives Tom Ryden and Grinnell More, and Timothy Root, a former CTO at Andover-based videoconferencing pioneer PictureTel.
In a previous interview with Mass High Tech, Ryden said, “We have some ideas we think are very unique and we want to keep them under wraps until they’re ready. (The product) is not a toy, but it’s much like the toy market, where they keep things very secretive because it is so competitive.”
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