News Summary

iRobot, the company known for creating the Roomba vacuum, has filed for Chapter 11 bankruptcy after a 35-year journey. Founded in 1990 by MIT roboticist Rodney Brooks and his students, the company rose to prominence with the Roomba’s launch in 2002, selling over 50 million units. iRobot’s success led to a public offering and the establishment of a venture arm to invest in robotics startups. In 2022, Amazon’s attempt to acquire iRobot for $1.7 billion was blocked by European regulators, leading to a breakup fee and the resignation of CEO Colin Angle. Facing declining earnings and competition from cheaper Chinese products, iRobot’s main supplier, Shenzhen PICEA Robotics, will now take control. The restructuring plan allows iRobot to continue operations without disrupting customer programs or product support, though the long-term impact on product functionality remains uncertain.