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North End Technologies Inc., a New Hampshire robotics and communications startup, has landed $3.26 million of a planned $4.3 million round of funding, according to federal documents. North End CEO Brad Kayton said the funds will allow it to retire $1.8 million of bridge loans the company took from investors, and bring its stealthy product to market.
While the documents filed with the U.S. Securities and Exchange Commission did not spell out the investors by name or what round of funding the latest investment was, Kayton said all current investors participated in the new funding.
“This new money will allow us to take the product to market, which is great, and then we will go out to look for a larger Series B,” Kayton said.
In July the Nashua company took in $1.2 million in bridge financing. At the time, Kayton said the company was looking to raise a Series B round.
North End’s product has been a subject of much speculation, and Kayton has not revealed any details other than to say back in July “we are in an alpha stage.”
Kayton said Castile Ventures of Waltham was the only institutional investor as of the summer financing, with the rest of the company’s 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.
The company is using the remainder of the new funds to contract out parts for the product, and is moving into large scale production phase, Kayton said. In addition, it is getting close to pinning down a name for the stealthy device.
“We are in legal review of a name that we are pretty excited about,” he said. “Everything is coming together.”
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