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Bedford-based consumer and defense robotics company iRobot Corp. has bumped up a credit line with Bank of America from $40 million to $75 million, and extended it for two years.
According to a release from iRobot (Nasdaq: IRBT), the new agreement extends the term of the company’s unsecured revolving line of credit from June 2012 to June 2014. In the release, officials said that the money would be available “for general corporate purposes, including strategic acquisitions.”
In April, iRobot signed a $7.6 million contract with the U.S. Army to deliver 50 of its model 310 small unmanned ground vehicles (SUGV), along with spare parts. The SUGVs, developed in tandem with Boeing, are a smaller and lighter version of the company’s PackBot.
Just one week earlier in April, Tod Loofbourrow, founder of Authoria Inc., left his post heading up a health-care robotics development effort at iRobot, and the program was folded into the company’s consumer division. LoofBourrow joined iRobot in October 2009 to lead the company’s effort to develop robots for the health-care industry.
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