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  "documentTitle": "iRobot Corp (IRBT)",
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  "authorName": "Spruce Point Management",
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      "text": "Recent insights from venture capital trends doesn't suggest a rapid explosion of interest in robotics",
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      "text": "Robotics Venture Deals 2011-2014",
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      "text": "A majority of the capital has been deployed to fund follow-on Series B-D rounds. Funding for new robotics companies is approximately $50m per annum",
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      "text": "Largest investments include Anki (2013: $50m), Liquid Robotics (2013, $45m), Restoration Robotics (2011: $43m), MedRobotics (2013: $34m), Rethink Robotics (2012, $30m)",
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      "text": "Also, we note that two recent companies (CyPhy Works and Vgo) were started by former IRBT employees, apparently without the need to license any of IRBT's intellectual property to get started!",
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      "text": "Our analysis of publicly announced venture deals (debt+equity) illustrates that aggregate deal flow was stagnate at ~$195m from 2012-2013. YTD through the end of April 2014, deal activity of $55m implies a deceleration of venture financings ($165m annualized, or -15% off trend)",
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      "text": "venture capital deal flow: $55m",
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      "text": "Sources: Hiszook.com and public information 1) YTD through 5/1/14",
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      "kind": "title",
      "text": "Sign #6: Where Is All The Hot Venture Capital Money?",
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