BugLabs, a New York based startup has raised its third round of funding from Union Square Ventures, Spark Capital and Court Square Ventures, according to CNET News. The investment was led by Court Square Ventures a VC fund based in Virginia.
The company is not disclosing the financial details of the round, a practice which is in sync with its prior two rounds. The company received its first infusion of cash from Union Square Ventures in 2006. Bob Young, the co-founder of Red Hat, is also an angel investor in the company.
Bug labs endeavors to make the process of creating gadgets as simple as making a house from lego blocks. The company makes open source modules that could be mix and matched to create mobile devices. The modules include include wifi, motion sensor, touch screen display, GPS and other such bugs.
The good thing about all this is that these modules are open source, so any one can jump in to tweak and refine the code. Bug labs is working on an idea to provide building blocks to gadget designers and developers to jump start their development efforts instead of going through the time consuming and costly process of prototyping, manufacturing etc.
Bug labs intend to use the latest round of funding to put their tools into more hands and to try and get a global foot print.
[via Silicon Alley Insider]
