DXTR is coming out of stealth, gets $1M in bridge financing.
DXTR Labs, a Sønderborg, Denmark and Sunnyvale, USA-based startup working on the development of smart toys for children, announced raising $1M in a bridge financing round. The money comes from a group of undisclosed angel investors and will be used to finish the beta product development stage and bring DXTR to market and ready for retail.
DXTR Labs, founded in 2015 by Mikkel Moos, Frederik S Nielsen and Kenneth Madsen (CEO), has developed playDXTR, a smart toy with smart building blocks that collects data about children’s performances. The idea for DXTR came out of a university project at the University of Southern Denmark in 2013, and started out as an idea of a medical device for training and diagnostic work for people with Parkinson’s disease. Later on, the company switched the use of its tech into a smart toy for kids which was also tool for their parents.
As such, playDXTR is aimed at the smart milennial parent who already embraces technology, and who wants a greater insight into the development of their child – as well as an educational and developmental tool for schools, institutions, and organisations, who are ready to move beyond mobile.
Prior to this deal, DXTR raised $525k in a convertible note in 2015.