True Ventures, Foundry Group lead $11.1m round for littleBits


sharkVenture capital firms True Ventures and Foundry Group have led an $11.1m round for hardware startup littleBits.

New backers Two Sigma Ventures and Vegas Tech Fund also participated in the round alongside existing investors Khosla Ventures, Mena Ventures, Neoteny Labs, O’Reilly AlphaTech, Lerer Ventures and angel investors.

The round followed the company’s $3.65m Series A raised in 2012 and brought its fundraising total to more than $15m.

LittleBits’ core product is the Bits modules that that snap together with magnets.

Foundry managing director Brad Feld said, “Well before the Cylons take over, every device we own will be connected to the internet.

“As the maker revolution has exploded, we are now all learning about how to build both software and hardware. littleBits is an amazing company at the forefront of this and we are delighted to be able to join them on their journey.”

In September this year True Ventures and Foundry led a $30m Series B for drone company 3D Robotics.

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