#United States #Consumer Robotics #Bedford #iRobot #PICEA

iRobot Transitions into a New Era with Picea

In a significant development for the consumer robotics industry, iRobot Corporation, a prominent name in the field of consumer robots, has successfully completed a court-supervised transaction with Shenzhen PICEA Robotics Co., Ltd. and Santrum Hong Kong Co., Limited, effectively allowing it to emerge from its Chapter 11 restructuring process. This strategic move is not just a survival tactic; it is a launchpad into a renewed period of growth and innovation. Picea has acquired 100% of the equity interests in iRobot, marking a crucial turning point in the company's path towards recovery and expansion.

Throughout this restructuring effort, Picea has proven to be a steadfast partner for iRobot. Initially serving as the primary contract manufacturer and secured lender for the company, Picea provided essential financial and operational support during these challenging times. This relationship has enabled the company to maintain continuity with customers, employees, suppliers, and its global network of partners. As iRobot’s Chief Executive Officer, Gary Cohen, noted, the successful restructuring is a testament to the resilience and commitment of the iRobot team as they navigated this pivotal period,

“We are excited to commence this next chapter with Picea. My belief in iRobot remains unshaken, and together we will focus on delivering high-quality robotics products while ensuring consumer data protection,” Cohen remarked, highlighting the company's dedication to innovation and customer satisfaction.

Strengthening Data Protection

A key aspect of iRobot’s restructuring plan is enhancing data governance to reassure customers and partners about the safety of consumer information. To that end, iRobot has established an independent U.S. subsidiary called iRobot Safe Corporation. This entity will focus on safeguarding U.S. consumer data, ensuring a clear separation between iRobot's international ownership and its domestic operations.

This subsidiary is governed by an independent board comprising U.S. citizens and has appointed a Chief Executive Officer and a Data Security Officer, both tasked with upholding rigorous data protection standards. These measures are designed to provide confidence to regulators and offer transparent governance in a digital age that increasingly requires robust data management practices.

Path Forward

Post-emergence, iRobot retains its U.S. headquarters in Bedford, Massachusetts, maintaining its core functions such as design, product development, and marketing domestically. This stability will allow the company to further its long-term innovation strategies, which emphasizes creating reliable robotics and smart home devices that enhance everyday living.

As a privately held company under the ownership of Picea, iRobot is poised to focus on expanding its product lineup with an eye toward future technological advancements. The transition signals not just recovery but an ambitious drive to innovate further within the consumer robotics space.
While restructuring often implies hardship, iRobot's case is an illustration of transformation and opportunity.

Looking ahead, iRobot plans to prioritize customer experience and focus investments in product development while maintaining stringent data protection measures. The alliance with Picea, backed by a solid financial foundation from the restructuring, positions iRobot strongly within the international consumer robotics market, allowing them to effectively explore new opportunities for growth and innovation.

About Picea

Picea is a significant global player in the robotic vacuum cleaner industry, with advanced research and manufacturing facilities situated in both China and Vietnam. The company boasts over 7,000 employees and numerous international clients. Picea is recognized for its strong intellectual property portfolio, holding more than 1,300 rights worldwide, and has achieved impressive sales figures in the robotic vacuum sector, exceeding 20 million units sold.

About iRobot

Having introduced the revolutionary Roomba robot vacuum back in 2002, iRobot has maintained its status as a front-runner in consumer robotics. With a diverse product range that focuses on advanced technology in cleaning and navigation, iRobot continues to craft intelligent home devices aimed at simplifying and improving the quality of life for millions around the globe. For further insights into iRobot and its innovative products, visit www.irobot.com.