A company set-up by Andy Rubin, Google’s former Android chief, to provide support and advice to hardware companies, is reported to have secured $48m in funding from companies including Google and HP.
According to The Wall Street Journal, Rubin is MD of the venture, which is called Playground Global. It will not invest in start-ups, but will take equity stakes in return for the support it provides, working in areas such as distribution, manufacture, financing, and cloud integration.
Other backers listed in the report seem to align neatly with this strategy. The lists includes contract manufacturer Hon Hai Precision Industry (Foxconn), and Chinese internet giant Tencent Holdings.
Google is believed to be looking to work in the area of cloud integration, while HP has a global distribution network.
Another investor is venture capital firm Redpoint Ventures, which will gain early links to new companies, although it won’t have exclusive rights to invest. Rubin has also joined Redpoint as an adviser.